Illinois to Sell Bonds After First Ratings Increase in Decades
- State plans to offer $500 million in debt over next two months
- First batch, $130 million in tax-exempt bonds, slated Aug. 24
Photographer: Tim Boyle/Bloomberg
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Illinois is returning to the $4 trillion municipal bond market after winning credit rating upgrades for the first time in more than two decades.
The state, which still has the lowest credit designation in the nation, plans to sell $130 million in junior obligation tax-exempt securities through a competitive auction for its Build Illinois program on Aug. 24. The bonds will help fund construction projects and are backed by Illinois sales tax revenue. The state’s share of sales tax increased 13% to $10.4 billion in fiscal 2021, according to bond documents.