Hernandez-backed Budget, Fiscal Decisionmaking Earns State’s 11th Credit Rating Upgrade

CICERO, Ill. – Illinois recently achieved an A1 credit rating upgrade, the highest Moody’s Investors Service rating given to the state in fifteen years, thanks to work by state Rep. Elizabeth “Lisa” Hernandez, D-Cicero, who supported this year’s budget which continues to strengthen fiscal progress, transparency and responsibility throughout the state of Illinois.

“This news speaks for itself: when we prioritize creating good-paying jobs, attracting new industries and supporting neighborhood businesses, we create a more stable financial future for our children,” Hernandez said. “Nearly ten years ago, we were clawing our way out of fiscal disarray championed by then-Governor Rauner, who blocked balanced budgets funding health, job and housing services that would’ve lifted people out of poverty. While we remain laser-focused on putting more money back into families’; pockets, new challenges from the White House threaten to pull us back to those darker days. Nevertheless, the people of this state demand we fight for them and their futures, and I plan to do exactly that.”

Following a tumultuous Rauner-governed era, Illinois has built strong economic momentum to reverse a 15-year trend that saw 24 credit downgrades, including eight between 2015 and 2017.

Hernandez’s key backing of this year’s eighth consecutive balanced budget helped the state earn an A1 rating from Moody’s Investors Service, marking its 11th credit rating upgrade since 2021.

As Illinois continues to be hit by federal uncertainties, the Hernandez-backed state budget prioritizes stability by building out a rainy-day fund of nearly $2.7 billion, clearing the bill backlog, providing over $1 billion in medical debt relief and restoring food assistance for families impacted by federal SNAP cuts.

The credit rating upgrade was announced Wednesday and is the second upgrade awarded to Illinois from Moody’s in the last year.