SPRINGFIELD – For the third time in recent weeks and sixth time in under a year, Illinois saw new credit boost thanks to responsible spending plans spearheaded by Illinois Senate Democrats.

“When I look at the budget we passed last month, I see the work and years of fiscal responsibility paying off. We were able to pay down our bills and put money back in the pockets of the state’s hardworking families,” said State Senator Elgie R. Sims, Jr. (D-Chicago), the Senate’s lead budget negotiator and Chair of the Senate Appropriations Committee. “Illinois is a stand-out state when it comes to putting the needs of our residents first – and we do so in a responsible, equitable way.”

Fitch Ratings on Thursday raised the state’s rating for general obligation bonds two notches. S&P Global Ratings on Friday upgraded the state’s rating two notches as well. Meanwhile, just weeks ago, Moody's Investors Service raised the rating as well – leading Illinois to receive two-notch bond rating upgrades from all three major credit rating agencies in the last year.

The move comes after the Democrat-led General Assembly shored up the state’s cash reserves and reduced its backlog of bills – all while putting the state in surplus that allowed it to pass a $1.8 billion tax relief plan for working families.

“The upgrade shows our fiscally responsible budgeting approach is working and is independent proof that our state is headed in the right direction, our unemployment rate is down and we’ve added thousands of new jobs in key industries, like hospitality and professional services,” Sims said. “Our future looks bright and I look forward to continued collaborative efforts with my colleagues to keep Illinois on this upward economic trajectory.”

Senate Democrats vow to continue to passing balanced budgets that stabilize the state’s financial future.

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