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.

CHICAGO – Assistant Majority Leader Tony Munoz (D-Chicago) has been appointed to the Illinois Veteran’s Advisory Council to address significant issues and concerns of Illinois veterans.

“As a veteran, I am proud to be appointed to the Veteran’s Advisory Council,” Munoz said. “One of my top priorities as a legislator has always been to protect and support veterans. I will continue to work with my colleagues to ensure veterans are taken care of.”

The council is empowered to review and study the issues and concerns that are most significant to Illinois veterans and advise the Illinois Department of Veterans Affairs on how to address the issues and concerns.

SPRINGFIELD – For the first time in more than 20 years, Illinois’ General Obligation bond rating has received upgrades from Moody’s Investors Service and S&P Global Ratings – two of the nation’s primary credit rating agencies. Members of the Illinois Senate Democratic Caucus praise the General Assembly’s work to get the state to this point.

“Stability and responsibility produce results. You don’t need to ruin people’s lives to have sound fiscal policies and positive outcomes,” said Senate President Don Harmon (D-Oak Park). “I want to thank Governor Pritzker and Speaker Welch for their teamwork in helping us find a better way forward.”

CHICAGO – State Senator Mattie Hunter (D-Chicago) is congratulating Phillips Academy for being awarded a grant to support hands-on, interdisciplinary STEM-based curriculum that prepares students for life beyond the classroom.

“Phillips Academy could not be more deserving of this award,” Hunter said. “I am so proud of all the students and faculty who have worked hard during the pandemic, and I am excited for the opportunities this grant will provide.”

Thanks to the grant, Phillips Academy High School, which falls in the 3^rd District, will be able to offer a new Project Lead The Way Engineering Program. The program will help students build knowledge and skills in engineering while helping them develop essential skills such as problem solving and critical thinking.

The opportunity is made possible through a partnership between Ardagh Group, a global supplier of infinitely recyclable metal and glass consumer packaging, and PLTW, a nonprofit organization that offers transformative classroom and learning experiences for PreK-12 students.

Paul Coulson, chairman and CEO of Ardagh Group, expects to invest $50 million over ten years to support education in our U.S. communities. With this initiative, this is Ardagh’s first partnership with PLTW and will make an initial investment of $12 million in this multi-year, impactful program.

PLTW provides PreK-12 schools, teachers, and students with hands-on interdisciplinary STEM-based curriculum that uniquely prepares students for life beyond the classroom through pathways in computer science, engineering, and biomedical science. More than 15,000 programs in more 12,200 schools in all 50 states and the District of Columbia offer PLTW programs. For more information about PLTW, visit pltw.org.  

“With this grant, Phillips students will be able to better plan for a successful future,” Hunter said. “The possibilities for success are endless when you give young people the proper resources to excel.”

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.”

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.”