SPRINGFIELD, Ill. – State Rep. Barbara Hernandez, D-Aurora, is applauding another step in rebuilding Illinois’ fiscal house as Illinois’ latest budget has earned the state it’s ninth credit rating upgrade in two years.
“Earlier this year, I was proud to vote for another smart, fiscally-sound budget that paid down debt, completely fulfilled pension obligations and set aside money for the future,” Hernandez said. “Today, we got another sign from a major financial institution that that fiscally-sound budgeting is paying off.”
The Fitch Ratings agency upgraded Illinois’ financial outlook to an ‘A’ rating or ‘stable.’ Their report cited “…the state’s ability to execute on significant planned reserve contributions and maintain improvements in budget management…” Fitch also highlighted Illinois’ broad revenue base, and deep and diverse economy as strengths that could continue to propel Illinois’ rating higher.
This increase is the ninth increase in the past two years from the three major ratings agencies: Fitch, Standard and Poor’s, and Moody’s.
“We are still recovering from the impacts leftover after Rauner-era budget impasses. However, timely balanced budgets, crafted to build a stronger future for Illinois, are swiftly overcoming those issues,” Hernandez said. “My time in Springfield has been marked by fiscal stabilization and growth, and I’m confident that will continue.”