State’s bond rating drives up borrowing costs
by Heather Wilhelm It sure is getting expensive to be broke these days, and Illinois is learning the hard way, according to the Civic Federation’s latest study. The Chicago Sun-Times reports: The state’s miserable bond rating has driven up borrowing costs for state government by more than $500 million since last year, a government watchdog...
by Heather Wilhelm
It sure is getting expensive to be broke these days, and Illinois is learning the hard way, according to the Civic Federation’s latest study. The Chicago Sun-Times reports:
The state’s miserable bond rating has driven up borrowing costs for state government by more than $500 million since last year, a government watchdog group says.
The nonpartisan, Chicago-based Civic Federation analyzed the near-record borrowing that the state has undertaken since last September and looked at similar borrowing during the same period in other states that have higher bond ratings than Illinois.
The result was a staggering $551.3 million extra that state taxpayers are having to devote to support the state’s thirst for debt because of a series of rating downgrades, the group says in a report being released today.