Illinois May Look More Like Junk as Pressure Rises, S&P Says

Without federal aid, Illinois credit pressures are mounting, and the state may have to borrow more even as officials seek to cut spending and balance the budget, according to S&P Global Ratings.

The coronavirus has exacerbated the worst-rated state’s challenges, including already large budget gaps and weak demographics, as the economic toll of the pandemic hurt revenue collections and increased costs.