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CHICAGO, IL — After decades of credit downgrades due to gross mismanagement of state finances by previous administrations, Governor JB Pritzker is finally putting Illinois on strong fiscal footing. Credit ratings agencies have taken notice, and for the first time in more than two decades, Illinois has earned credit upgrades––a sign that Governor Pritzker’s financial stewardship has made a real difference.
Citing “fundamental improvements in Illinois’ fiscal resilience” Fitch Ratings raised the state of Illinois’ rating for general obligation bonds two notches, to BBB+. One day later, S&P Global Ratings announced its second upgrade of Illinois’ bonds since July 2021. They credited stronger-than-forecasted tax revenues and transparent reporting from the Governor in their decision.
Both upgrades come on the heels of Governor Pritzker’s fourth balanced budget, which pays down debts, makes historic contributions to pensions, restores the once-depleted rainy day fund, and delivers more than $1.83 billion in tax relief for Illinois working families. Fitch noted that the outlook is not only stable, but “continues to improve [as] Illinois economic recovery picks up [amid] strong revenue growth.”
Read what outlets are saying about Governor Pritzker’s sixth credit rating upgrade since taking office:
Chicago Tribune: Illinois’ credit gets upgrade from Wall Street agency citing ‘sustained evidence of more normal fiscal decision-making
• Capitol News Illinois: UPDATED: Fitch, S&P announce Illinois credit ratings upgrades
• Chicago Sun-Times: With S&P bump, Illinois now upgraded by all three ratings agencies
WSILTV: Illinois earns credit upgrade from S&P
• Crain’s Chicago Business: Fitch joins the parade in raising rating on Illinois debt