SPRINGFIELD, Ill. (WMBD)– S&P Global Ratings have upgraded Illinois bonds. Bringing the total number of upgrades to seven in less than two years.

S&P Global Ratings announced a rating upgrade to A- for Illinois’ General Obligation bonds, its third upgrade of Illinois’ bonds since July 2021.  The last time Illinois had an A- rating from S&P was before May of 2016.

I am thrilled to see our hard work at righting the past fiscal wrongs of our state reflected in today’s action by S&P with another credit rating upgrade—the third such upgrade in just two years. Our continued fiscal responsibility and smart budgeting will save Illinois taxpayers millions from adjusted interest rates, and my partners in the General Assembly and I look forward to building on that success.

Governor JB Pritzker

S&P Global upgraded Illinois’ rating on its General Obligation bonds to A- (stable outlook) from BBB+ (stable outlook), and also upgraded Build Illinois sales tax bonds to A (stable outlook) from A- (stable outlook).

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

Between 2015 and 2017, the State of Illinois suffered eight credit rating downgrades and sat at the top of many analysts’ lists of the worst-managed states in the nation. At its worst, Illinois’ bill backlog hit nearly $17 billion.