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BANKS SOFTEN THE BLOW FOR IL

Barclays Bank, JPMorgan Chase and Bank of America revised interest-rate derivative contracts so Illinois won’t face $38 million in fees provided the state’s rating is not dropped any further than one step below investment grade. Without the change, banks would have been able to cancel the trades and demand payment for full market value. Illinois is likely to become the first state to cut to junk-bond status due to its three-year budget impasse. (Bloomberg)

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