WILL COUNTY, Ill. – With Illinois receiving its first credit upgrade in nearly two decades, State Senators Meg Loughran Cappel and John Connor praised the result of efforts during last spring’s budget negotiations.

“The decision to upgrade the state’s credit rating is a result of fiscally responsible budget making and is fantastic news for Illinois taxpayers,” said Loughran Cappel (D-Shorewood).. “This will lead to reduced interest rates for state borrowing, freeing up taxpayer dollars to be invested in places like our public education system.”

Moody’s analysis determined the enacted Fiscal Year 2022 budget for the state increases pension contributions, repays emergency Federal Reserve borrowings and keeps a backlog of bills in check with only constrained use of federal aid from the American Rescue Plan Act.

“Illinois’ improved rating shows that we are making responsible fiscal decisions as viewed by an outside agency,” said Connor (D-Lockport). “For the first time in over 20 years, Illinois is moving forward.”