Illinois avoids dubious 'junk' distinction [CNN]
Moody's Corporation (MCO)
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Source: CNN
Illinois dodges downgrade to 'junk' Illinois has just barely avoided the dishonor of becoming America's first "junk" state. Moody's decided on Thursday that it won't downgrade Illinois because the cash-strapped state finally passed its first budget in more than two years . S&P Global Ratings similarly removed the threat of an imminent downgrade last week. Moody's concluded that the Illinois budget deal -- which includes a 32% tax hike -- is enough to ease the enormous financial pressures facing the state. Illinois had built up $15 billion in unpaid bills, affecting everything from mental health services for teens to funding for state colleges and universities. Even though Illinois has dodged another downgrade bullet, the state remains in financial disarray. After decades of mismanagement , Illinois has built up a stunning pension shortfall of $251 billion that will continue to grow, according to Moody's. That's why Moody's is keeping a "negative" outlook on the state, signaling furth
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website