SPRINGFIELD, Ill. – State Rep. Sharon Chung, D-Bloomington, is applauding another step in rebuilding Illinois’ fiscal house as Illinois latest budget has earned the state its ninth credit rating upgrade in two years.
“The budget I voted for last May was crafted based on principles of fiscal responsibility and preparation for the future. Major financial institutions are now reconigizing that smart approach,” Chung said. “We fulfilled pension promises, paid down debt and put money in Illinois’ rainy day fund. Steps like this are driving our state’s fiscal health higher, and I will continue to put my support behind budgets like this as long as I stand for this community in Springfield.”
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.
“Responsible budgeting of taxpayer dollars is an essential part of my role as a lawmaker,” Chung said. “Recognition like this as a sign that I am fulfilling that role on behalf of our community. I will fight to maintain this era of fiscal accountability in Illinois we are ushering in.”