S&P warns that Illinois bond rating could be lowered to junk

Despite a massive income tax hike, Illinois' bonds still could end up in the junk pile.

From Reuters:

Illinois on Monday maintained a BBB-minus rating and stable outlook from S&P Global Ratings for the state’s upcoming $6 billion bond sale aimed at shrinking a huge unpaid bill backlog.

While the credit rating agency affirmed the lowest investment grade rating, it cautioned that the nation’s fifth-largest state still faces fiscal challenges that could push the rating into junk.