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Springfield, IL (WAND) – Illinois has earned two credit rating upgrades within a week. Democrats say it confirms the state is making financial progress while Republicans argue there is still fiscal mismanagement.
S&P Global Ratings raised Illinois’ general obligation bond rating to an A, which means the state has a stable outlook. The credit agency cited a track record of disciplined fiscal management and increased governance credibility as Democrats highlight eight consecutive balanced budgets.
“We spent the last seven years building a solid foundation of balanced budgets, which led to 10 credit rating upgrades, a nearly $2.5 billion rainy day fund, and a state GDP that exceeds $1 trillion,” said Sen. Elgie Sims (D-Chicago).
The S&P announcement came just days after Moody’s ranked Illinois at A1, which is the highest Moody’s rating for Illinois in roughly 15 years. Still, Republicans said the 12 credit upgrades under Pritzker are minor for Illinois’ financial outlook.
“Until we pay our obligations, including our pensions, we cannot be adding new programs and adding all kinds of new spending when we can’t afford it,” said Sen. Steve McClure (R-Springfield).
Democrats said they are helping Illinois maintain stability and make smart investments during federal uncertainty that are setting the state up for long-term financial success.
“We fought back against those cuts, and we’ve won,” Sims said. “In court, Illinois has been able to protect more than $8 billion in federal funding for critical programs and services that directly affect individuals, families, and the institutions that we represent.”
But McClure said Illinois is still behind most of the country. He argued other states are much better at managing their finances and increasing population.
“You know if people are living in the state, they go spend money at restaurants and go spend money on products within the state,” McClure said. “Illinois is having a real problem retaining people and getting people to come here.”
Illinois saw 24 credit rating downgrades over 15 years before Pritzker took office. That included eight downgrades during the budget impasse from 2015 to 2017.