Illinois has escaped the immediate pressure of its credit rating being downgraded to “junk” bond status — for now— Moody’s Investors said on Thursday.

 

Moody’s said the passage of a state budget for the first time in two years “alleviated liquidity pressure and moved the state closer to fiscal balance.”

 

Lawmakers overrode Gov. Bruce Rauner’s vetoes of a budget package earlier this month — marking the end to a historic impasse that decimated the state’s social service network and public universities. The threat of a “junk” downgrade was very real. And even after the passage, Moody’s last week placed Illinois’ near-junk bond rating under review for a possible downgrade, citing “credit challenges” that linger.

 

Click Here to read more.