Illinois’ neighboring states boast better credit ratings, economies

By Kevin Angell

06/16/2017

Illinois’ credit rating spirals downward while residents flee to surrounding states with stronger economies and lower taxes.

TAGS: credit rating, Indiana, Iowa, Kentucky, Michigan, Missouri, outmigration, population, Wisconsin

Moody’s downgrades 7 Illinois universities, 5 are junk

By Ted Dabrowski, John Klingner

06/13/2017

Illinois universities have hiked tuition and relied on state subsidies to pay for exorbitant administrative salaries — and now credit rating agencies are punishing them for that destructive behavior.

TAGS: budget, credit rating, CSU: Chicago State University, EIU: Eastern Illinois University, higher education, Illinois Board of Higher Education, Moody's Investor Service, NIU: Northeastern Illinois University, University of Illinois, University of Illinois at Urbana-Champaign, WIU: Western Illinois University

Illinois budget deficit projected to hit $6.2B by June 30, grow to $7.7B by June 2018

By Eric Kohn

06/08/2017

The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.

TAGS: budget, credit rating, David McSweeney, debt, Moody's Investor Service, Standard & Poor's, unpaid bills

Illinois owes over $250 billion in pension debt

By Ted Dabrowski, John Klingner

06/01/2017

Moody’s Investors Service cited Illinois’ $250 billion in pension debt and the lengthy budget impasse as reasons for its one-notch credit downgrade.

TAGS: budget, credit rating, debt, Moody's Investor Service

Illinois has the lowest credit rating on record for a U.S. state

By Ted Dabrowski, John Klingner

06/01/2017

S&P cited Illinois lawmakers’ failure to pass a budget and the lengthy budget impasse as reasons for its one-notch credit downgrade. Over the years, Illinois’ state credit rating has been downgraded multiple times due to massive spending and excessive borrowing.

TAGS: budget, credit rating, debt, Standard & Poor's

Illinois owes $3.5M in past-due utility bills

By Brendan Bakala

05/23/2017

The state government owes the City Water, Light and Power of Springfield $3.5 million on past-due utility bills for state offices. The past-due utility bills are just one part of Illinois’ more than $14.3 billion bill backlog.

TAGS: budget, debt, ILGA: Illinois General Assembly, unpaid bills

Illinois’ unpaid bills jump to $14.3B

By Brendan Bakala

05/17/2017

New numbers from the Illinois comptroller’s office show that Illinois’ unpaid bill backlog has climbed to more than $14 billion. In August 2016, Moody’s Investors Service predicted Illinois’ bill backlog would reach $14 billion by summer 2017.

TAGS: budget, debt, Moody's Investor Service, unpaid bills

Caterpillar to move corporate headquarters to Deerfield

By Austin Berg

04/20/2017

The industry giant’s move comes amid continued disinvestment in Illinois manufacturing.

TAGS: Caterpillar, Deerfield, Doug Oberhelman, manufacturing, Peoria, property taxes, workers compensation

Multibillion-dollar tax hikes will only exacerbate Illinois’ weak economic activity

By Ted Dabrowski, Craig Lesner

04/13/2017

The latest report from the Commission on Government Forecasting and Accountability shows Illinois experienced falling tax collections, indicating trouble in the state economy. Spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.

TAGS: budget, COGFA: Commission on Government Forecasting and Accountability, Dan McConchie, Kyle McCarter, Moody's Investor Service

Caterpillar to shutter Aurora plant, cut 800 jobs

By Hilary Gowins

03/31/2017

The company’s announcement affects 800 hourly employees, though 1,200 workers will remain in Aurora. In January, Caterpillar announced plans to relocate its global headquarters to Chicago and out of its longtime hub in Peoria.

TAGS: Caterpillar, manufacturing, unemployment, workers compensation

Moody's Ratings

Illinois’ neighboring states boast better credit ratings, economies

Moody’s downgrades 7 Illinois universities, 5 are junk

Illinois budget deficit projected to hit $6.2B by June 30, grow to $7.7B by June 2018

Illinois owes over $250 billion in pension debt

Illinois has the lowest credit rating on record for a U.S. state

Illinois owes $3.5M in past-due utility bills

Illinois’ unpaid bills jump to $14.3B

Caterpillar to move corporate headquarters to Deerfield

Multibillion-dollar tax hikes will only exacerbate Illinois’ weak economic activity

Caterpillar to shutter Aurora plant, cut 800 jobs

Taxed out: 10 reforms to stop Illinois from losing people and jobs

Report Archive

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Process for unionizing non-state workers raises red flags

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