States with a progressive income tax more vulnerable to fiscal shocks

By Vincent Caruso

09/25/2018

Despite finding favor among some politicians and political candidates in Illinois, states with a progressive income tax are more vulnerable during recessions than flat-tax states.

TAGS: income tax, Moody's Investor Service, progressive income tax, Robert Martwick, Standard & Poor's, taxes

Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state

By Adam Schuster

08/31/2018

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

TAGS: bonds, credit rating, debt, employment, harvey, Moody's Investor Service, municipal pensions, pension guarantee, pensions, peoria, taxes

Moody’s: Janus win potentially credit positive for Illinois

By Adam Schuster

06/27/2018

A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.

TAGS: AFSCME: American Federation of State County and Municipal Employees, budget, credit rating, Janus v. AFSCME, Moody's Investor Service, pensions

Illinois bonds once again rated just above junk

By Adam Schuster

04/10/2018

One rating agency cited Illinois’ “persistent crisis-like budget environment” as explanation for the state’s near-junk credit. A spending cap constitutional amendment and pension reform could go a long way toward putting the state on a healthier fiscal path.

TAGS: bonds, credit rating, Moody's Investor Service

Illinois’ new budget already has $1.7B hole despite largest permanent tax hike in state history

By Ted Dabrowski, John Klingner

10/14/2017

Every budget through 2023 will likely be unbalanced as well.

TAGS: balanced budget requirement, budget, credit rating, Governor’s Office of Management and Budget, income tax, Moody's Investor Service, taxes, unpaid bills

Moody’s warns delay of state funding for Illinois schools a ‘credit negative’

By Ted Dabrowski, John Klingner

08/18/2017

School funding is locked up due to the current fight in Springfield over the state’s new education funding formula and the bailout of Chicago Public Schools it contains.

TAGS: credit rating, education, Moody's Investor Service, Senate Bill 1

Fitch keeps Illinois’ credit above junk but negative outlook remains

By John Klingner, Evelyn Hussey

07/20/2017

Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.

TAGS: bonds, budget, credit rating, debt, Fitch Ratings, Moody's Investor Service, Standard & Poor's

Emanuel shrugs at possible credit downgrade for Chicago

By Robert Brutvan

07/14/2017

Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

TAGS: bonds, Chicago, CPS: Chicago Public Schools, credit rating, downgrade, Moody's Investor Service, Rahm Emanuel

Moody’s right, S&P wrong on Illinois budget

By Ted Dabrowski, John Klingner

07/13/2017

Illinois’ bond rating may not be junk, but the state’s finances still are.

TAGS: bonds, credit rating, Moody's Investor Service, Standard & Poor's

Income report shows Illinois staggering along with nation’s worst income growth

By Michael Lucci

07/10/2017

Illinois’ 32 percent income tax hike will steal nearly an entire year’s worth of income growth from Illinoisans.

TAGS: household income, Moody's Investor Service, personal income