Illinois' credit rating improves for first time in more than 20 years
For the first time in more than two decades: Moody's upgrades Illinois bond rating
For the first time since 1998, Illinois receives a bond rating upgrade from Moody’s Investor Service on Tuesday.
CHICAGO - Things are finally looking up for Illinois – financially, at least, that is.
On Tuesday, Moody’s upgraded the state's credit rating for the first time since 1998. The agency says Illinois’ finances saw "material improvements" in recent years, including increased payments to its nearly broke pension funds and repaying federal borrowing.
The state also eliminated a huge pile of unpaid bills.
The news comes just days after the Fitch Ratings agency upgraded Illinois’ credit outlook.
Governor JB Pritzker was pleased by the news.
"With this ratings upgrade, Illinois is poised to save millions of taxpayer dollars," he said.
Illinois' finances, however, are still a mess. Our credit rating remains the worst of any state, still only two notches above junk status.