Senate Majority Caucus Appropriations Leader Elgie R. Sims, Jr. celebrated Illinois receiving its 11th credit rating upgrade since 2021 as Moody’s Investors Service – one of the nation’s major rating agencies – announced Illinois’ latest upgrade Wednesday.
“This achievement is yet another signal of the fiscal stewardship of Illinois Democrats – proving that Illinois is an excellent investment under our leadership,” said Sims (D-Chicago). “Our fiscal turnaround is a testament to our state’s resilience and our dedication to financial prudence without reducing essential services. This is what fiscal responsibility looks like in action.”
A state’s bond rating is a measure of its credit quality. A higher rating means the state can borrow at a lower rate, saving public dollars from going toward interest costs – benefiting not only taxpayers but also local governments.
Moody’s cited Illinois’ sustained financial improvement and strengthened governance, as well as confidence in the state’s leadership ability to navigate future challenges. The upgrade follows eight consecutive balanced budgets, reflects the elimination of the bill backlog, growth of the Rainy Day Fund to nearly $2.5 billion and new measures to reduce pension liabilities.
Since June 2021, Illinois has received 11 upgrades across the three major credit rating agencies: Moody’s Investors Service, S&P Global Ratings and Fitch Ratings. The agencies have cited balanced budgets, stronger financial reserves, reduced debt, improved fiscal transparency and progress addressing long-term liabilities as factors supporting the state’s improved financial standing.
