The State’s credit rating is being upgraded for the first time in more than 20 years.
Governor JB Pritzker says passing three balanced budgets in a row, paying off old bills and keeping up with pension payments helped Moody’s Investor’s Service bump up Illinois’ rating.
“Make no mistake, despite all the challenges after the last year, after 8 credit downgrades our state suffered under my predecessor, I say with full certainty Illinois’ fiscal condition is heading in the right direction for the first time in the 21st century.”
A higher bond rating generally means the state can borrow money at a lower interest rate, which the Governor says ultimately save the taxpayers money.
