Moody's Plus Illinois GOs on Watch for Downgrade

Shields, Yvette
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p1
Trade Publication
Moody's Investors Service Inc. on April 17, 2003 placed the state's Aa2 general obligation (GO) bond rating on watch list for possible downgrade. The short-term borrowing statute the state plans to issue the debt under requires that the governor, treasurer, and comptroller sign off on the plan and provide the General Assembly with 30-days notice prior to issuing the revenue anticipation notes. Under the plan Illinois would use 750 million dollars of the bond proceeds for Medicaid payments, 475 million dollars for personal and corporate income tax refunds, and 275 million dollars for payments owed to school districts, according to a copy of the letter sent to lawmakers.


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