Illinois Tips the Scales; Pennsylvania, MassPort Bank on Scarcity

Albano, Christine
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p7
Trade Publication
The article focuses on bond deals in Illinois and Pennsylvania as of May 19, 2003. Illinois plans to sell $1.5 billion of competitive cash-flow notes to finance overdue bills owed on corporate and personal income taxes and to Medicaid provider. Moody's Investors Service downgraded Illinois' government securities credit to Aa3 from Aa2, while Fitch Ratings put its AA-plus rating on negative watch and Standard & Poor's attached a negative outlook to its AA rating on the state. Pennsylvania issued $836.4 million of government securities and refunding sale. The deal includes $663 million in refunding debt, $543 million of which will retire Series 1993A certificates of participation originally sold to finance five local prisons, as well as $120 million to refund 1996 debt.


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