chicago decision whether illinois become first u.s. state whose bond rat tip junk imminent monday credit rat agencies say still review state newly enact budget tax package analysts three major rat agencies rate illinois one two notch junk decline comment time decisions help republican vote democratic-controlled illinois legislature last thursday override republican governor bruce rauner veto enact 36 billion fiscal 2018 budget billion income tax increase action end unprecedented two-year budget impasse balloon state unpaid bill backlog 15 billion illinois state treasurer michael frerichs democrat monday unveil five-step plan avoid junk rat include rauner take step issue billion bond legislature authorize begin pay bill also recommend governor visit credit rat agencies assure intend implement budget package junk rat would make future bond sales difficult expensive eleni demertzis rauner spokeswoman answer question borrow underscore governor dissatisfaction budget even tax increase budget remain billion balance fiscal year 2018 say best thing work collaboratively pass truly balance budget pay debt reform pension system make change necessary drive economic growth state moody cite budget substantial implementation risk state baa3 rat place review last week possible downgrade junk analyst ted hampton say risk include revenue cost-saving assumptions build budget fiscal year begin july 1. hampton analyst gabriel petek say expect rauner implement budget require law john humphrey co-head credit research gurtin municipal bond management say optimism illinois finally budget temper state strain finance much execution risk remain think moody pretty clear view state political dysfunction combine continue unaddressed long-term liabilities unfavorable baseline revenue performance cast degree skepticism state ability manage fragile financial situation say fresh budget deal illinois await fate credit rat