By Bill Bergman, includes “… To qualify as an ‘eligible issuer,’ states, cities and counties must meet thresholds for credit quality as determined by credit ratings set by ‘Nationally Recognized Statistical Rating Organizations.’ This provides a depressing reminder of lessons unlearned from the financial crisis of 2007-2009, with implications for the State of Illinois. … In banking, history cautions that failing institutions backed by a public safety net should be resolved sooner than later, under principles for what has become known as ‘prompt corrective action.’ …”