— ABC News Channel 20 | WICS/WRSP Staff —

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Moody’s has upgraded the state of Illinois’ bond rating for the first time in more than two decades.

Governor JB Pritzker, D-Illinois, made the announcement on Tuesday during a press conference in Springfield.

Gov. Pritzker said the state’s bond rating hadn’t been upgraded by Moody’s in 23 years.

Illinois Comptroller Susana Mendoza says the upgrade will mean lower costs for taxpayers.

“This means lower costs for Illinois taxpayers,” Illinois Comptroller Susana A. Mendoza said. “As you have seen in recent months, even in the middle of a global pandemic, my administration has successfully paid down a backlog of bills that just four years ago hit $16.7 billion – down to $2.9 billion today – and did so while prioritizing the most vulnerable people in our state.”
Moody’s upgraded Illinois’ general obligation rating to Baa2 from Baa3 with an outlook of stable.”

Senate President Don Harmon issued the following statement regarding Illinois’ credit upgrade.

“Stability and responsibility produce results. You don’t need to ruin people’s lives to have sound fiscal policies and positive outcomes. I want to thank Governor Pritzker and Speaker Welch for their teamwork in helping us find a better way forward.”

View the article: WICS/WRSP Staff (2021, June 29). Illinois bond rating upgraded for first time in 20 years. ABC News Channel 20. Retrieved from www.newschannel20.