SPRINGFIELD, Ill. – As Illinois earned another credit rating upgrade from Fitch Ratings on Tuesday, state Rep. Mary Gill, D-Chicago, is highlighting the positive strides the state has taken and is urging continued fiscal responsibility in the years ahead.
“This credit rating upgrade is a positive reflection of the budget plan we passed earlier this year,” Gill said. “It’s critical that we continue to be good stewards with state finances as we prioritize investments that support our schools, improve public safety and deliver services families depend on.”
Illinois is now in the “A” category for the three major credit rating agencies following nine upgrades amongst S&P Global Ratings, Fitch Ratings and Moody’s Investors Service since June 2021. The upgrades are a stark reversal of the fiscal situation during the 2015-17 budget impasse under former Gov. Bruce Rauner, in which the state suffered eight credit downgrades and had a bill backlog balloon to nearly $17 billion. In addition to paying down the bill backlog in the following years, the General Assembly has consistently taken action to build financial reserves, increase transparency and balance the budget.
Beyond reflecting the improved financial health of the state, better credit ratings result in less taxpayer money going toward interest payments.
“Instead of paying extra interest charges, balanced budgets have put us in a better position to address challenges both now and long-term,” Gill said. “I’m encouraged by this news, but we need to build on this progress and continue to be smart with our budget decisions.”
For more information, please contact RepMaryGill@gmail.com.