CHICAGO – Before the ink dried on Puerto Rico’s bankruptcy-like Title III petition last week, talk turned to Illinois and whether it could eventually land in a court-supervised forum to deal with its mounting debts.

The state is nearing two years without a budget, an impasse that has put its investment-grade ratings at risk as it struggles under the weight of a $5 billion deficit, $13 billion of unpaid bills and $126.5 billion of unfunded pension obligations.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.