The state of Illinois is hoping investors will snap up $800 million worth of bonds next week. The investment world has not looked kindly on Illinois bonds in recent years as the state has struggled with a mountain of debt.
The State of Illinois will find out this week how willing investors are to buy the state’s bonds, which are rated the lowest in the country by Moody’s. The state plans to sell $3.7 billion worth of bonds as early as tomorrow to make this year’s pension payment.
A new report ranks Illinois fifth in the nation for having the largest combined pension and debt burdens per capita. The Moody's Investors Service report attempts to hone in on how pension liabilities will affect credit ratings.
A new report by the National Conference of State Legislators described llinois' fiscal situation as dire.The group surveyed budget conditions in each of the fifty states and Puerto Rico.Laurence Msall is the president of the Civic Federation, he said the report does not exaggerate Illinois' problems