LAKE COUNTY, Ill. – For the first time since 1998, Moody’s Investors Service has upgraded Illinois’ bond rating, potentially saving taxpayers millions of dollars, and State Senators Adriane Johnson and Julie Morrison say the improvement signals a stronger financial future for the state and its residents.

“Illinois has seen unprecedented hardship over the past year, but thanks to responsible budgeting and careful financial planning, we are seeing positive returns,” said Johnson (D-Buffalo Grove). “For the first time in a long time, we are heading in the right direction.”

The upgrade is the first Moody’s has issued to Illinois since June 1998, and the second positive rating action for the state in a week, following an outlook improvement from Fitch.

Moody’s upgrade credited “material improvements,” with only “constrained use of federal aid,” including increased pension payments, repayment of federal borrowing and responsible maintenance of the bill backlog.

Illinois’ ratings on General Obligation bonds, the Metropolitan Pier and Exposition Authority, and Build Illinois bonds were each upgraded and are now a step closer to the top rating.

The rating of a state’s bonds is a measure of their credit quality. A higher bond rating generally means the state can borrow at a lower interest rate, saving taxpayers millions of dollars.

“The work we’ve done to pass a responsible, balanced budget while continuing to prioritize the needs Illinoisans faced during the pandemic shows we’re on a path toward a brighter future,” said Morrison (D-Lake Forest). “From repaying our emergency Federal Reserve borrowings ahead of schedule, to limiting the use of aid from the American Rescue Plan, we are back on the right track.”

The General Assembly has crafted two balanced budgets during the global COVID-19 pandemic. The budget for the upcoming fiscal year pays down state debts, fully funds pensions and keeps Illinois current on bill payments, significantly reducing the state’s structural budget deficit.

EAST ST. LOUIS – Moody’s Investor Services has upgraded Illinois’ General Obligation Bonds for the first time in more than 20 years, and State Senator Christopher Belt (D-Swansea) and State Senator Rachelle Aud Crowe (D-Glen Carbon) are praising the General Assembly’s work to get the state to this point.

“This is another example that shows our state is working diligently to restore what has been broken in the past,” Belt said. ”I want to thank our state’s leaders and my colleagues as we have set Illinois on the path to a brighter future.”

Moody’s Investors Services, one of the primary credit rating agencies, recently upgraded Illinois’ General Obligation Bonds a step closer to the top rating. The upgrade shows a stable outlook for Illinois’ economy, meaning state borrowing will cost less, which will in turn save taxpayers money.

The analysis highlighted the Fiscal Year 2022 budget for the upgrade. Moody’s stated the increased pension contribution, repayment of emergency Federal Reserve borrowings, and constrained use of federal aid from the American Rescue Plan Act are to thank for the increased rating.

“A win for Illinois taxpayers, Moody’s upgrade signals our state is making responsible budgetary decisions,” Crowe said. “By enacting balanced budgets and prioritizing fiscal stability over recent years, Illinois is on a path toward financial recovery.”

This is the second positive rating action for Illinois in a week, following an outlook improvement from Fitch.

CHICAGO— For the first time in more than two decades, the state of Illinois has received a bond rating upgrade from Moody’s Investors Service. Following the announcement, State Senator Elgie Sims, Jr. (D-Chicago) released the following statement:

“When budget negotiations first began this Spring, I vowed to move Illinois toward fiscal stability by working with other leaders in taking a responsible approach for a brighter future for all Illinoisans.  Moody’s ratings upgrade coupled with the recent positive economic outlook by Fitch shows that all of the hard work and determination that went into a plan that moves Illinois forward and puts taxpayers first is working. The state of Illinois is headed in a positive direction and I am very proud of our progress.

I looking forward to working with my colleagues on both sides of the aisle and the Governor to continue our collective efforts to improve the state’s financial condition and to ensure fiscal stability and growth for all Illinoisans. Our work continues.”

OAKBROOK TERRACE – Moody’s Investor Services has upgraded Illinois’ General Obligation bond rating for the first time in more than 20 years, and State Senator Suzy Glowiak Hilton (D-Western Springs) is crediting the General Assembly’s work to get the state to this point. 

“Moody’s upgrade indicates our state is making responsible budgetary decisions—it should give Illinois taxpayers a sense of relief,” Glowiak Hilton said. “By enacting balanced budgets and prioritizing fiscal stability in recent years, we’ve put Illinois on a path to a brighter future.”

Moody’s Investors Services, one of the nation’s primary credit rating agencies, recently upgraded Illinois’ General Obligation bonds a step closer to the top rating. The upgrade signals a more stable outlook for Illinois’ economy, meaning state borrowing will cost less, which will in turn save taxpayers money.

The analysis highlighted the Fiscal Year 2022 budget for the upgrade. Moody’s stated increased pension contributions, repayment of emergency Federal Reserve borrowings, and constrained use of federal aid from the American Rescue Plan Act are to thank for the increased rating. 

This is the second positive rating action for Illinois in a week, following an outlook improvement from Fitch.

PARK FOREST – Residents can safely dispose of sensitive personal documents and unused prescription drugs at a free community event hosted by State Senator Patrick Joyce (D-Essex), State Representative Anthony DeLuca (D-Chicago Heights) and Park Forest Mayor Jonathan Vanderbilt.

The community shred and prescription drug take-back event will take place from 9 to 11 a.m. on Thursday, July 22, in the parking lot of Village of Park Forest, located at 350 Victory Drive in Park Forest.

“Consumer fraud and identity theft are becoming far too common in our communities,” Joyce said. “Personal data should be confidential – I urge everyone to attend this free event so they can safely dispose of sensitive documents.” 

To help reduce the chances of identity theft, experts recommend shredding things like bank statements, credit card offers and credit card convenience checks. Residents should also shred canceled credit cards, canceled checks, pay stubs, old photo IDs and tax returns that are more than three years old.

To accommodate all participants, each person will be limited to two boxes of residential shredding. Boxes and bags will be returned. Documents will be accepted for shredding until trucks reach capacity. No electronics will be accepted.

DeLuca encourages residents to take advantage of this safe and convenient opportunity to protect themselves from identity theft.

In addition to offering free document shredding, Joyce, DeLuca, and Vanderbilt have teamed up with the Park Forest Police Department to provide safe disposal of unused or expired prescription drugs at the event.

Proper disposal of unwanted prescription drugs can protect the environment and even save lives, preventing pollution, accidental poisoning, misuse and overdose.

Residents are asked to bring unused or expired medications in their prescription bottles or in a clear, sealed bag. They should remove any labels on the bottles or use a permanent marker to black out personal health information, including name, address and health insurance data. Liquids and sharps will not be accepted.

If residents have questions about the event, Joyce urges them to contact his office at 708-756-0882 or visit SenatorPatrickJoyce.com.

Over the weekend, five senators hosted events in their communities to engage with and provide services for their constituents.

On Friday, Senator Laura Ellman (D-Naperville) hosted an event with the Secretary of State’s Mobile Driver Services Unit, which offered residents a convenient way to renew or correct driver’s licenses, renew license plate stickers, and more. About 25 residents took the opportunity to access these services.

Also on Friday, Senator Scott Bennett (D-Champaign) attended an event designating the University of Illinois’ Chez Veteran Center’s as a Purple Heart University for its services to veterans.

“Partnerships like this allow us to bring essential services directly to our constituents,” Ellman said. “Whenever I have the chance to bring services right to our residents, I'm going to jump on it.”

“It was an honor to attend the U of I’s Chez Veteran Center,” Bennett said. “As the largest student veteran center in the country, it gives veteran students a community on campus, and this designation is a recognition of all its important work.”

SPRINGFIELD –Illinois now allows student-athletes to be paid for the use of their names, image, or likenesses because of ex-NFL and Northwestern University alum State Senator Napoleon Harris, III (D-Harvey).

“Finally student-athletes will receive some financial benefit for the use of their names, images, and likenesses,” Harris said. “Their schools will no longer receive all the financial benefits. The students deserve compensation from the hard work of being a college athlete and making their schools millions of dollars.”  

DES PLAINES – Residents of the Northwest Suburbs will see significant improvements to local roads as part of a $66 million infrastructure investment across northern Cook County, State Senator Laura Murphy (D-Des Plaines) announced.

“These improvements are a long time coming,” Murphy said. “In just a few short months, residents and visitors to the Northwest Suburbs will be able to enjoy safer, more pleasant travel across the region.”

Three resurfacing projects began this spring and are currently underway in the 28^th District:

• Arlington Heights Road from Palatine Road to Higgins Road (Illinois 72), to be completed in late fall;
• Busse Road (Illinois 83) from Golf Road (Illinois 58) to Higgins Road, to be completed this summer; and
• Palatine Road from Algonquin Road (Illinois 62) to east of Roselle Road, to be completed this fall.

The Illinois Department of Transportation announced seven current and upcoming projects in northern Cook County, representing a total investment of more than $66 million for the region, made possible by the historic, bipartisan Rebuild Illinois capital program.

“These projects represent a significant investment in northern Cook County and are a big step forward in our work to improve safety, mobility and create economic opportunity for years to come,” said Illinois Transportation Secretary Omer Osman. “We’re asking drivers to be patient, slow down and pay extra attention driving in and around any work zone.”

More information about IDOT projects is available here.