State of Illinois

Moody's Investors Service says the appellate court decision could impede the state government's flexibility in dealing with coronavirus-driven budget woes.

Without commenting on the legal merits laid out so far in the case, an appellate court panel concluded the lawsuit met the threshold to proceed as a taxpayer action.

Illinois in the spring cut its fiscal 2020 and 2021 revenue estimates by more than $7 billion due to the pandemic.

Illinois paper is trading at tighter spreads than it did amid the original coronavirus surge, though they remain much higher than in February.

The municipal market saw a $40 billion-plus month for the second time this year, as issuers flooded the market with bond sales during the month of June.

The state's ratings, just one rung above junk, are holding steady after analysts' initial review of a fiscal 2021 budget that pins hopes on future federal relief.

Illinois said Tuesday it signed an agreement for the Municipal Liquidity Facility to purchase its one-year certificates. Closing is expected Friday.

A report from a University of Illinois task force examining the impacts of COVID-19 lays out projected job, income, and economic activity losses into next spring.

The $40 billion budget for fiscal 2021 authorizes up to $5 billion of borrowing through the Federal Reserve’s Municipal Liquidity Facility.

With the status of federal relief uncertain, Illinois may ask lawmakers for approval to borrow as much as $4.5B through the Fed's MLF to deal with a coronavirus pandemic tax hit in fiscal 2021.