SPRINGFIELD -- Moody's Investors Service announced Tuesday that it has upgraded Illinois' bond rating to A3, up from Baa1, marking the eighth credit upgrade the state has received in less than two years. Moody's is now the second major rating agency to put Illinois in the 'A' category following S&P's decision on Feb. 23 to upgrade the state to A- on its scale.
"This credit upgrade, our second one this year, is the result of the steps we've taken in Illinois to put ourselves on firm fiscal footing," Gov. JB Pritzker said in a statement."We have balanced our budget, paid our bills on time, cleared out decades of debt, made extra pension payments, and saved billions for a rainy day."
The rating agency said it had updated the state's"issuer profile score" in the governance category to 2 from 3. Illinois'"rainy day" fund is slated to reach its highest-ever balance of more than $1.9 billion by the end of the fiscal year. Moody's also rated the state's financial outlook as"stable," saying that such an outlook"balances the financial progress being made by the state with the uncertainty of the present economic climate."
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