Illinois Governor J.B. Pritzker's announcement on Tuesday that a higher rev...
CHICAGO - Illinois Governor J.B. Pritzker’s announcement on Tuesday that a higher revenue forecast will put off a controversial plan to decrease fiscal 2020 pension contributions could be a positive step for the financially shaky state, Wall Street credit rating analysts said on Wednesday.
A fiscal 2020 budget the Democratic governor unveiled in February included a seven-year extension of Illinois’ current 50-year pension payment schedule that would have reduced the state’s contribution by more than $800 million. Carol Spain, an analyst at S&P Global Ratings, which rates Illinois BBB-minus, said the stronger revenue projections and the decision not to extend the pension amortization period “increases the likelihood of near-term credit stability.”
Eric Kim, an analyst at Fitch Ratings, which rates Illinois BBB with a negative outlook, said that lowering or delaying payments under the current inadequate pension schedule “was going to be negative from our perspective.” Suspending the plan for at least a year “is a good step,” he added. He also welcomed news that the higher April revenue will help address a $1.6 billion deficit in the state’s current budget.
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