BlackRock Calls For a Muni Market Strike in Budgetless Illinois
- Lowest-rated U.S. state plans to borrow $550 million next week
- Investors should consider denying it market access, Hayes says
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For years, Illinois has found the municipal-bond market open whenever it needs to raise money, despite budget deficits, worst-in-the-nation pension shortfalls and a political paralysis so severe it’s headed for a second year without even a blueprint for what it should be spending.
It’s about time to shut the doors on the state, says BlackRock Inc., the world’s largest money manager.