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Illinois lawmakers have overturned Governor Bruce Rauner’s veto of a budget bill, ending a political standoff and enacting the state’s first budget since 2015. However, the state remains challenged by a financial and long-term debt crisis.
In a statement issued July 5 Moody’s said Illinois is at risk of becoming the first junk-rated U.S state, even with lawmakers’ successful overturn of Rauner’s veto and enactment of a budget. The general obligation rating of the State of Illinois, currently Baa3, was placed “under review for possible downgrade following the state’s failure to fully enact a timely budget… (and) to achieve broad political consensus on how to move toward balanced financial operations,” said Moody’s.
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