Illinois bond rating

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Illinois has taken another step toward paying down nearly $16 billion in overdue bills.
That money is owed to hospitals, electric utilities, drug rehab centers — basically anyone who has a contract with state government.

The state began issuing bonds Tuesday, effectively refinancing the debt to cut interest penalties, but it will be a long road back to normal.

state of Illinois

Governor Pat Quinn is calling for a meeting today with legislative leaders to discuss Illinois' pension crisis. The move comes after a downgrade of the state's bond rating.