S&P: BORROWING OK TO PAY STATE BILLS

S&P Global Ratings Tuesday said Illinois should go ahead with a proposal to borrow money to pay down its bill backlog. The ratings agency said it’s likely the state can borrow money at a lower interest rate than it is now paying on overdue bills. “The state may realize net fiscal savings which we believe Illinois can ill-afford to pass up given its weakened financial positions, even if the additional debt…adds incrementally to its operating deficit,” S&P said. (Rockford Register Star)