Wednesday, January 30, 2013

Broken: Illinois delays bond sale because of latest credit downgrade

As James Thurber once wrote in a baseball short story, "You could look it up." Among the three major credit agencies, Illinois' credit rating has been downgraded 11 times since Governor Pat Quinn succeeded his two-time running mate, Rod Blagojevich.

Today the state announced that it will delay the sale of $500 million worth of bonds--citing unfavorable market conditions.

Whoah. In regards to the last downgrade, when Standard & Poor's lowered Illinois' credit rating to A-, it also gave Illinois a negative outlook and said that another downgrade was possible. The Prairie State's rating is just two notches above "junk."

Illinois should sell those bonds now--before the next downgrade.

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