Illinois Pension Bills Squeeze Penalty to 2011 Low: Muni Credit
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Investors betting the worst is over for Illinois have driven its debt to the strongest level in two years as the state offers $800 million of general-obligation bonds, its biggest sale in 11 months.
Lawmakers are advancing measures to fix the worst-funded U.S. state pension system, encouraging investors to look past events of the first quarter. Illinois in January became the state with the lowest credit rating, causing it to postpone a debt sale. Last month it settled with the Securities and Exchange Commission over claims it misled bond buyers.