CHICAGO — Illinois yesterday sold $1.25 billion of general obligation cash-flow certificates at a blended interest rate of 1% in a sale that followed Standard & Poor's decision to shift the state's GO outlook to negative.

The notes were rated SP-1 by Standard & Poor's and F1 by Fitch Ratings, both one notch below top short-term credit marks. Moody's Investors Service was not asked to rate the notes that were divided into three maturities; one for $500 million that is due on March 23, another $250 million due on April 13, and the final $500 million due on June 10.

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