Illinois recently received yet another boost to its credit rating, as Fitch Ratings upgraded the state’s general obligation bond rating to “A.” The boost is the sixth upgrade the state has earned in the last year, and the ninth over the past several years. Fitch Ratings credited the state’s success in paying off its bills and responsible management of expenditures as the reasons for the upgrade.
“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,” Governor Pritzker said in a statement celebrating the upgrade. Representative Williams has prioritized responsible fiscal policy and balanced budgets since taking office in 2011, and these improvements to Illinois’ credit are the result of years of hard work getting the state’s finances back on track.
Since June of 2021, Illinois has been given 9 credit upgrades, and is now in the “A” category for all 3 major credit rating agencies- Moody’s, S&P Global Ratings, and Fitch Ratings. Ensuring that the state has strong credit allows for government borrowing at low rates, saving taxpayers millions of dollars in unnecessary interest payments each year. With consistent boosts to the state’s credit score and continued improvements to the state’s fiscal policy, all Illinoisans can look forward to a bright financial future.