S&P tells state tax act could hurt its credit NORTH SPORTS FINAL, C Edition

Standard & Poor's Corp. warned Illinois Wednesday that a referendum proposal that would make it harder for the General Assembly to increase taxes could jeopardize the state's high bond rating. The agency, whose ratings are a crucial barometer for buyers and sellers of bonds, said the p...

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Bibliographic Details
Published inChicago tribune (1963)
Main Author Sallie Gaines and Rick Pearson
Format Newspaper Article
LanguageEnglish
Published Chicago, Ill Tribune Publishing Company, LLC 07.06.1990
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Summary:Standard & Poor's Corp. warned Illinois Wednesday that a referendum proposal that would make it harder for the General Assembly to increase taxes could jeopardize the state's high bond rating. The agency, whose ratings are a crucial barometer for buyers and sellers of bonds, said the proposed Tax Accountability Amendment "could have negative long-term implications for the state's creditworthiness." S&P's warning came in the agency's announcement that it would give a AA-plus rating, the second-best possible, to $90 million in general obligation bonds Illinois plans to issue this month. The bonds will be due in June 1991 and 2011. In addition, S&P reaffirmed its AA-plus rating on $4.1 billion in outstanding debt.
ISSN:1085-6706