SPRINGFIELD, Ill. – State Rep. Jaime Andrade, D-Chicago, released the following statement concerning the state’s ninth consecutive credit rating in two years.
“When we pass balanced budgets that pay down debt and invest in our people, it makes Illinois a better place to live and do business,” Andrade said. “The budget I helped pass shores us near-term debt and reinvests in the essential services that keep people healthy, open up job opportunities, and protect the most vulnerable. I will continue to fight for budgets that are responsible and usher in a more stable financial future for every Illinoisan.”
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.
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