National Federation Of Municipal Analysts

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Enactment of FY18 budget by Illinois legislators may have moved the state off the edge of non-investment grade & closer to structural budgetary alignment, but LT pension & other issues remain. Where is the state headed in the near-to-medium term future?

	Approval of the budget is step toward making meaningful long-term reforms and improving the state's long-term credit profile in line with other states.
	The immediate liquidity crisis is over and while serious issues remain unresolved, the state has the credit fundamentals and economic base to support an investment grade rating for the next two years.
	No real progress was made toward solving the long-term pension issues, and while a downgrade was avoided for now, future stalemates and lack of consensus on difficult choices are pointing to an eventual downgrade to non-investment grade in the next two years.
	The level of political dysfunction and governance issues evidenced over the past few years combined with pension and fixed charges suggest the state is currently non-investment grade.

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