Illinois' financial condition is very challenging due to declines in tax revenue and historically high levels of backlogged payments to vendors and other entities. The state is right in the middle of budget deliberations, so this is a key credit period. If the budget is not passed by May 31, the approval requirement will increases to a 3/5 vote, making passage more difficult.

This commentary is designed to highlight credit trends and what we've witnessed in Illinois budget proceedings. Please contact me with any questions or if Mesirow Financial can be of further assistance.

Peter Bianchini
Managing Director, Senior Municipal Strategist
+1 925.386.0262