Illinois is reportedly on track to become the first state in the U.S. to have its credit rating downgraded to "junk" status by the S&P Global Ratings, according to a new report by the Associated Press.
According to the report, the agency is close to lowering the state's creditworthiness below investment grade if a state budget isn't agreed upon by lawmakers.
Legislators remained deadlocked on the issue, however.
Illinois' credit has been downgraded multiple times over the last several years, though the process has accelerated following gridlock between the Democrat-controlled General Assembly and the Republican Gov. Bruce Rauner.