For the past two years, the summer season has not been a good time for Illinois' general obligation bond ratings.

The summer of 1991 saw Standard & Poor's Corp. drop the state to AA from AA-plus, while Moody's Investors Service lowered the rating to Aa1 from Aaa. Further downgrades followed in the summer of 1992 as the Standard & Poor's rating fell another notch to AA-minus and Moody's' rating dropped to Aa.

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