SPRINGFIELD – Illinois’ credit has been upgraded to the ‘A’ category by Moody’s Investor Service. The A3 rating is the eighth upgrade in less than two years. Moody’s said that Illinois is displaying improved management of its budget by making conservative revenue assumptions and applying surplus revenue towards the payment of debt and growth in reserves. The last time the state had an A3 rating was prior to September 2015.
“This credit upgrade, our second one this year, is the result of the steps we’ve taken in Illinois to put ourselves on firm fiscal footing. We have balanced our budget, paid our bills on time, cleared out decades of debt, made extra pension payments, and saved billions for a rainy day,” said Governor JB Pritzker. “There’s more work to be done, but it’s clear we have undone decades of damage and ushered a new era of fiscal responsibility in Illinois. I look forward to building on this record by working with the General Assembly to pass the state’s fifth straight balanced budget later this spring.”
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