CHICAGO — Bolstered by a rally in Treasuries that extended to municipals, Illinois captured its lowest true-interest cost Wednesday on a tax-exempt bond sale in more than three decades, even with the stigma of being Moody’s Investors Services’ lowest-rated state.

Ahead of the state’s competitive sale of $275 million of taxable and $525 million of tax-exempt GOs, Moody’s dropped Illinois’ GO rating to A2 from A1 and assigned a stable outlook.

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