CHICAGO, Ill. (WTVO) — Illinois credit rating has been upgraded to “A” category from all major rating agencies, Gov. JB Pritzker announced Tuesday.
Fitch Ratings gave Illinois an “A” rating for general obligation bonds this week. Moody’s Investor Service and S&P Global Ratings also rated the state’s fiscal outlook as “A3” and “A-“, respectively, earlier this year.
The rating of a state’s bonds is a measure of their credit quality. A higher bond rating generally means the state can borrow at a lower interest rate, saving taxpayers millions of dollars.
The latest credit upgrade represents the ninth under the watch of Gov. Pritzker. The state had previously suffered 8 credit rating downgrades between 2015 and 2017 and was atop many analysts’ lists of the worst-managed states in the U.S.
“We are continuing to right the past fiscal wrongs in our state with disciplined fiscal leadership, and credit rating agencies and businesses alike are taking notice of Illinois’ remarkable progress,” said Pritzker. “Another credit rating upgrade means millions saved for Illinois taxpayers in interest—money back in the pockets of our state where it can better serve our residents.”
Agencies have cited the state’s actions in paying down bill backlogs, repaying debts, increasing fiscal transparency, building financial reserves, and balancing the state budget as factors in the upgraded ratings