About that Credit Rating Upgrade
Governor JB Pritzker was among Democrats celebrating the latest state credit rating upgrade.
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Democrats took plenty of victory laps Tuesday after Fitch raised Illinois’ general obligation bond credit rating to “A.”
They’re quick to point out it’s the ninth upgrade on Governor JB Pritzker’s watch.
“We are continuing to right the past fiscal wrongs in our state with disciplined fiscal leadership, and credit rating agencies and businesses alike are taking notice of Illinois’ remarkable progress,” Pritzker said.
“Democrats will continue to budget responsibly and make smart investments for a stronger future for all,” said House Speaker Chris Welch.
“This upgrade is a tribute to the responsible debt management my office has undertaken in recent years working with the General Assembly and Governor.,” said Comptroller Susana Mendoza. “These upgrades lower the state’s costs for projects like building roads and bridges, saving taxpayers money.”
While the ratings upgrades are certainly a positive, it’s important to remember the context.
The Fitch rating went from “A-” to “A,” moving the state out of a tie for last to second to last in the country. But at least we passed New Jersey. Fitch rates 17 states as AAA, so there’s still plenty of room for improvement.
