CMA data shows Illinois and California are in the top ten list of sovereign default risks, with Illinois leapfrogging California in terms of increasing risk. Please consider CMA Market Data as of Wednesday, 23 June 2010. Sovereign Default Risks Illinois is ranked a better risk than Iraq, but riskier than Portugal and California. The countries (or states) are ranked by their cumulative probability of default (CPD), which gives the market’s assessment of an issuer’s likelihood of …

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Illinois Leaps Ahead of California in Default Risk, Better than Iraq, Worse than Portugal; Pension Fraud in Milwaukee