Illinois

Issue Name

Class/ Maturity Date	Rating Type	Ratings	Rating Date	Regulatory Identifiers	Last Credit Rating Action
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The general meaning of our credit rating opinions is summarized below.
Investment Grade	'AAA'	Extremely strong capacity to meet financial commitments. Highest Rating.
	'AA'	Very strong capacity to meet financial commitments.
	'A'	Strong capacity to meet financial commitments but somewhat susceptible to adverse economic conditions and changes in circumstances.
	'BBB'	Adequate capacity to meet financial commitments, but more subject to adverse economic conditions.
	'BBB-'	Considered lowest investment grade by market participants.
Speculative Grade	'BB+'	Considered highest speculative grade by market participants.
	'BB'	Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.
	'B'	More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.
	'CCC'	Currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.
	'CC'	Currently highly vulnerable.
	'C'	A bankruptcy petition has been filed or similar action taken, but payments of financial commitments are continued.
	'D'	Payment default on financial commitments.
Note: Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Ratings Outlook A Standard & Poor's rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change or future CreditWatch action. Positive means that a rating may be raised. Negative means that a rating may be lowered. Stable means that a rating is not likely to change. Developing means a rating may be raised or lowered. N.M. means not meaningful. CreditWatch CreditWatch highlights our opinion regarding the potential direction of a rating. Positive means that a rating may be raised. Negative means that a rating may be lowered. Developing means that a rating may be raised, lowered or affirmed. CreditWatch is not intended to include all ratings under review, and rating changes may occur without the ratings having first appeared on CreditWatch. A rating can be on either CreditWatch or have an Outlook, but not both at the same time. View more detailed ratings definitions.

Related Credit News and Research

Future State Pension And Budget Challenges Loom Large For Illinois Public Universities, Report Says

18-Jun-2013 11:42

CHICAGO (Standard & Poor's) June 18, 2013--Standard & Poor's Ratings Services said, in a report published today, that it appears that the fiscal 2014 budget will bring some welcome stability for Illinois public universities. However, from a credit st...

Illinois: Another Session, Another Missed Opportunity

06-Jun-2013 13:15

NEW YORK (Standard & Poor's) June 6, 2013--Standard & Poor's Ratings said Illinois is approaching a precipice from a credit standpoint due to the lack of action on pension reform legislation by the state's General Assembly when it ended its 98th sess...

Illinois' Series Of June 2013 Sales Tax Revenue Bonds Rated 'AAA', With A Stable Outlook

31-May-2013 11:50

NEW YORK (Standard & Poor's) May 31, 2013--Standard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Illinois' Build Illinois sales tax revenue bonds, junior obligation series of June 2013. Standard & Poor's also affirmed i...

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Illinois Public University Funding: Is It The Calm Before The Storm?

18-Jun-2013 11:35

After many years of volatile state funding for public universities in Illinois, it appears that the fiscal 2014 budget will bring some welcome stability. However, from a credit standpoint, we believe this stability could be short lived. While most pu...

Summary: Illinois; Sales Tax

31-May-2013 12:04

Standard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Illinois' Build Illinois sales tax revenue bonds, junior obligation series of June 2013. Standard & Poor's also affirmed its 'AAA' rating, with a stable outlook, on ...

Illinois; Sales Tax

31-May-2013 12:00

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