VILLA PARK – State Senator Tom Cullerton (D- Villa Park) is pleased to announce that Fitch Ratings Agency, which is one of the primary credit rating agencies, revised Illinois’ outlook on General Obligation Bonds from negative to positive. Moody’s Investor Service also recently bumped Illinois’ financial outlook.

“This change in rating is good news for Illinois taxpayers,” Cullerton said. “As Illinois heads to a more fiscally-responsible future, that means more resources will be freed up for residents of our state to get the resources they need.”

According to Fitch, Illinois’ recently passed Fiscal Year 2022 budget and the state’s action to pay back federal deficit borrowing have played a role in getting Illinois’ economy back on track. Additionally, the state has made these gains without sacrificing funding on pension payments and has even allowed the state to increase funding for K-12 education.

Moody’s Investor Service also upgraded their Illinois’ credit rating, further reflecting the state’s commitment to economic security.

“These adjusted ratings are proof that our state has been taking the necessary steps to get on the road to fiscal recovery,” Cullerton said. “Even with the financial hardships from the pandemic over the last year, Illinois has proven itself capable of taking actions needed to reach a brighter future.”

Fitch’s full analysis is available here.