Illinois has received yet another bond rating upgrade.
S&P Global Ratings raised Illinois’ general obligation bond rating from an “A-” to an “A,” marking the 12th bond rating upgrade for the state since Pritzker took office in 2019.
S&P cited the passage of consecutive balanced state budgets and the “ongoing build-up of operating reserves” in the event of an economic recession since the last credit upgrade in February 2023. The agency said Illinois’ fiscal outlook is “stable.”