Governor JB Pritzker is hailing the state’s improved bond rating from Moody’s Investor Service. It is the first such rating upgrade from a credit agency for Illinois in more than twenty years. Moody’s last upgraded the state’s bonds in June of 1998. The new upgrade credited ‘‘material improvements’’, with only ‘’constrained use of federal aid’’, including increased pension payments, repayment of federal borrowing and keeping the bill backlog in check.
Moody’s upgraded Illinois’ rating on its General Obligation Bonds from Baa3 with a stable outlook to Baa2 with a stable outlook, and also upgraded Build Illinois Bonds from Baa3 to Baa2.
Senator Scott Bennett (D-Champaign) is pleased to see improvement in the state’s bond ratings. ‘’We have worked hard over the past couple of years to put Illinois on a path toward fiscal responsibility,’’ said Senator Bennett. He was reacting after Fitch released an analysis of Illinois finances saying the upcoming fiscal year budget provides Illinois a stable foundation for further financial improvement. Recent debt payments and a reduction of nearly one billion dollars in spending since 2020 – without sacrificing funding for pensions, K-12 or higher education – suggest responsible budget management and movement toward fiscal stability, said the Fitch analysis.
