CHICAGO - Ahead of Illinois' $150 million general obligation sale tomorrow, Moody's Investors Service delivered the latest in a series of fiscal blows to the state's credit when it knocked the rating into the single-A category due in part to plans for $2.3 billion of deficit borrowing.

Illinois now joins Louisiana in the the high single A-category among states. Only California is rated lower by Moody’s – at the A2 level – while all other states rated by the agency are in the double-A category. Fitch Ratings downgraded the state one notch to AA-minus last December and Standard & Poor's in March also knocked the credit down one notch to AA-minus.

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