Illinois Gov. J.B. Pritzker and Comptroller Susana Mendoza announced that the state has received another upgrade in its credit rating this week.
According to officials, the upgrade to an “A” rating is the ninth the state has received in recent years, with the agency praising Illinois’ approach to paying off a backlog of bills that had left the state billions of dollars in debt.
“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,”Pritzker said in a statement. “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.”
Pritzker praised the state’s approach to its budget, saying that commitment to balancing expenditures and paying down debt has resulted in credit-rating agencies boosting the state’s borrowing power by allowing it to borrow money at lower interest rates.
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According to Pritzker, Illinois suffered a series of eight credit rating downgrades between 2015 and 2017, with a backlog of nearly $17 billion in unpaid bills.
Fitch’s report on the credit upgrade said the state has reduced its backlog to less than $500 million.
Illinois has a rating of “A” with Fitch, Moody’s and more, according to officials.
