The Times Weekly Staff

 After decades of credit downgrades of state finances by previous administrations Illinois is on a 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 financial stewardship has made a 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 a 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.”