Investors Just Want an Illinois Governor Who Will Avoid a Junk Rating
- Bondholders want next governor to pass budgets, fix pensions
- Rauner, Pritzker vie to lead state that’s one step above junk
Bruce Rauner
Photographer: Alex Wong/Getty ImagesThis article is for subscribers only.
Illinois investors are endorsing fiscal stability this election.
No matter who wins the gubernatorial race next month, bondholders want the next chief executive to avoid a repeat of the longest budget impasse in U.S. history, one that put Illinois on the brink of becoming the first junk-rated state. That gridlock -- the result of a two-year standoff between Republican Governor Bruce Rauner and the Democrat-run legislature -- drove unpaid bills to a record $16.7 billion, forced cuts in social services, and sent borrowing costs to multi-year highs.