AM Best plans to employ around 10 people in Amsterdam, Charteris-Black said, including ratings analysts.

These days junior rating analysts vote first, to prevent them from taking their cues from their superiors.

Former public finance rating analysts who are still involved with municipal bonds characterized Fitch's move as unusual.

No other U.S. state defers payments to the extent Illinois does to manage cash flow, credit- rating analysts said.

Moody's sovereign ratings analyst Gabriel Torres said it did not necessarily secure a positive economic outlook beyond the short term.

Credit rating analysts have said they are looking for the new budget to take steps towards addressing the state's financial problems.

No other states have turned to major borrowing to help deal with the current revenue crisis, according to credit rating analysts.

If successful, this bond will be an important landmark transaction for future longevity-based deals, David Harrison, Rating Analyst, at S&P told Reuters.