SPRINGFIELD, Ill. — State Rep. Mary Beth Canty, D-Arlington Heights, 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.
“Half a year ago, I voted to pass my first budget as our community’s voice in Springfield. It was crafted to take a smart, fiscally-prudent approach to building a stronger future for all Illinoisans,” Canty said. “With this positive recognition from major financial institutions, we are seeing that approach work.”
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.