State of Illinois

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.

The Federal Reserve opened the door to participating in a competitive bidding process for short-term notes, a requirement in Illinois law.

Investors scooped up Illinois’ $800 million deal as the state dug deep into its pockets .

A pre-pricing wire will be discussed by the state, its syndicate, and advisors early Wednesday ahead of a decision on whether to launch the deal or remain on the day-to-day calendar.

The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.

High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.

The lowest-rated state government moved a $1.2 billion GO certificate deal to the day-to-day calendar in the face of a skeptical buyside.

Illinois published its fiscal 2019 financial results Thursday as strains from the coronavirus pandemic loom large over fiscal 2020 and 2021.

The Illinois penalty that raises borrowing costs for all issuers in the state may widen as local agencies and governments face likely cuts in state support.

The downgrade brings Fitch into alignment with Moody's and S&P, and the negative outlook leaves Illinois without any rating room above speculative grade.

Gov. J.B. Pritzker laid out revised revenue estimates for the fiscal 2020 and proposed 2021 budgets.

Illinois has spent about $170 million on coronavirus-related expenses so far, and Gov. J.B. Pritzker said more information on the budget impact is coming.

S&P shifted its outlook the Illinois public universities it rates to negative as questions abound over how the state will manage revenue losses.

Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.

S&P Global Ratings moved its outlook on Illinois' BBB-minus to negative from stable on "worsening economic conditions," an action that also impacted sales tax, convention center and sport facilities' bonds.

Gov. J.B. Pritzker said the state can afford to keep paying for critical services as the coronavirus toll mounts.