SPRINGFIELD, Ill. — Illinois’ credit rating is being upgraded for the first time in more than 20 years.
Gov. J-B Pritzker said Tuesday, 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.
“After eight 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,” Pritzker said.
A higher bond rating generally means a state can borrow money at a lower interest rate, which Gov. Pritzker said ultimately saves taxpayers money.
Efforts to increase Illinois’ fiscal stability are working, according to the governor.
“And, while our journey to solve all of Illinois’ fiscal challenges continues, today’s news proves that when it comes to positive change in Illinois, we are well on our way,” Pritzker said.
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