Illinois to Sell $460M GO Deal

Shields, Yvette
May 2003
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p1
Trade Publication
The state of Illinois will sell 460 million dollar of general obligation bonds on May 28, 2003 following a downgrade by Fitch Ratings Inc. to AA from AA-plus. The state planned a sale of up to 4 billion dollar of taxable pension government obligations set for June 5, and the competitive sale of 1.5 billion dollar of cash flow notes. As much as 200 million dollar of the transaction will carry triple-A insurance from MBIA Insurance Corp. Mid-range maturities will likely be the ones to carry insurance. The state will use nearly 2 billion dollar of pension bond sale to cover payments owed to the pension system in fiscal 2003 and 2004.


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