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CHICAGO, Aug 22 (Reuters) – The auction of up to $6 billion of bonds by Illinois to compress its astronomic contributed bill backlog, an activity the governor has yet to take, could assure the accompaniment from a acclaim appraisement decline to junk, S&P Global Ratings said on Tuesday.



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The acclaim appraisement bureau said the arising of 12-year accepted obligation bonds would be cheaper than backward acquittal penalties of as aerial as 12 percent that the nation’s fifth-largest accompaniment owes on abundant of its $14.8 billion excess of bills.

“Therefore, the accompaniment may apprehend net budgetary accumulation which we accept Illinois can ill-afford to canyon up accustomed its attenuated banking position, alike if the added debt account adds incrementally to its operating deficit,” S&P said in a statement.

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Illinois bonds due in 12 years were acquiescent 3.91 percent, according to Municipal Market Data, a assemblage of Thomson Reuters. Since the Democratic-controlled assembly allowable a budgetary 2018 account and assets tax backpack in July over Republican Governor Bruce Rauner’s vetoes, the state’s alleged acclaim advance over MMD’s criterion triple-A crop calibration for 10-year bonds narrowed to 178 base credibility from a aerial of 335 base credibility in June.



While the account accustomed a band auction by Dec. 31 to pay bills, Rauner has been afraid to booty that step. Illinois Comptroller Susana Mendoza, a Democrat who is in allegation of advantageous the state’s bills, has been blame for the bonds as late-payment penalties abound by $2 actor a day.

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“We’re animated to see our altercation vindicated by S&P,” said Abdon Pallasch, her spokesman.

There was no actual animadversion on the S&P address from Rauner’s office.

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The budget’s enactment, afterward an aberrant two budgetary years in which the accompaniment lacked a complete spending plan, absolved Illinois from acceptable the aboriginal U.S. accompaniment to be rated junk.

S&P said implementing the band plan would acceptable not advance Illinois’ BBB-minus rating, which is a footfall aloft junk.

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“However, refinancing a allocation of the state’s high-interest bill excess could action a bashful band of abeyant beanbag to its liquidity,” the account said. (Reporting by Karen Pierog; Editing by Matthew Lewis)

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