Will County area state legislators praised the recent credit upgrade Illinois received, the first in nearly two decades.
State Sens. John Connor, D-Lockport, and Meg Loughran Cappel, D-Shorewood, said the improved rating is the result of efforts during last year’s budget negotiations, according to a news release.
“The decision to upgrade the state’s credit rating is a result of fiscally responsible budget making and is fantastic news for Illinois taxpayers,” Loughran Cappel said in a statement. “This will lead to reduced interest rates for state borrowing, freeing up taxpayer dollars to be invested in places like our public education system.”
A Moody’s analysis determined the fiscal year 2022 budget for the state increases pension contributions, repays emergency federal borrowings, and keeps a backlog of bills in check with only constrained use of federal aid from the American Rescue Plan.
Still, the new upgrade leaves Illinois bonds rated just two levels above so-called “junk” status.
“Illinois’ improved rating shows that we are making responsible fiscal decisions as viewed by an outside agency,” Connor said in a statement. “For the first time in over 20 years, Illinois is moving forward.”
Source: The Daily Chronicle