WJBD Radio

Images

Now Playing

Local News

WJBD - Local News - Illinois Bond Sale Scuttled Because of Downgrades

Illinois Bond Sale Scuttled Because of Downgrades

By The Associated Press

SPRINGFIELD, Ill. (AP) - Illinois officials have delayed borrowing $500 million for construction projects because the pension crisis makes the state's debt more expensive.  Abdon Pallasch is spokesman for Gov. Pat Quinn's budget office. He says a bond sale scheduled for Wednesday was postponed after potential bidders warned of an "unsettled" market.   

Blame the ongoing quandary over how to reduce a $96 billion deficit in Illinois public-employee pension accounts. Standard & Poor's is the latest credit agency to downgrade the state's credit worthiness because of the pension mess.  S & P also gave Illinois a "negative" outlook -- reflecting the Legislature's "poor track record" on solving the pension-liability problem.  Pallasch says the bond sale will be rescheduled after markets review the situation. The bond sale was to fund school and transit projects.

See other LocalNews news:

Governor Backs Term Limits for Constitutional Officers
Schwartz Orchard Reports Complete Loss of Peach Crop
No Local Peach Or Blackberry Crop This Year Due to Extreme Cold
May 1st Health Fair Scheduled At Sandoval High School
Death of 31-Year-Old Centralia Man Under Investigation




Loyal Listener Club

Club Login

Follow Us At

This Site logo