Illinois bond yields rise amid worry over credit rating downgrade

The Financial Times reports:

Illinois’ 2033 bond rose as much as 16 basis points higher to 5.47 per cent on Monday, according to Bloomberg pricing in the wake of the state’s Supreme Court unanimously ruling against a pension reform package passed in 2013. Illinois sought to reduce its pension liability by $21bn by tweaking some of its benefit provisions, but that was deemed as breaking the state’s constitution said the court.

Blue America decline update.