Illinois has earned its 11th credit rating upgrade since 2021, as Moody’s Investors Service cited eight consecutive balanced budgets and responsible fiscal management in raising the state to its highest rating in nearly 15 years. The latest upgrade continues a dramatic reversal in Illinois’ financial trajectory in recent years.
“Eleven credit rating upgrades is a remarkable validation of the responsible, steady approach we have taken to Illinois’ finances,” said Senate President Don Harmon (D-Oak Park). “Eight consecutive balanced budgets have brought stability and predictability back to state government. We’ve paid our bills, built our reserves and reduced debt, all while continuing to invest in the people and priorities that make Illinois stronger. This latest upgrade is another sign that responsible budgeting pays dividends for taxpayers and puts Illinois in a stronger position for whatever challenges come next.”
Higher credit ratings allow Illinois to borrow at lower interest rates, reducing financing costs and saving taxpayer dollars.
In announcing the upgrade, Moody’s pointed to Illinois’ balanced budgets, fiscal management and stronger reserves as reasons for increased confidence in the state’s ability to manage future budget pressures.
Moody’s upgrades Illinois’ credit rating -- Capitol News Illinois
Moody’s upgrades Illinois credit rating -- Crain's Chicago Business
