Illinois received its first credit rating upgrade in 23 years on Tuesday when Moody’s Investors Services raised the state’s rating one notch, citing “material improvement in the state’s finances.”
Although the upgrade still leaves Illinois bonds rated just two notches above so-called “junk” status, Gov. JB Pritzker said it marked a turning point for the state, and he credited the General Assembly and members of his own administration for bringing greater fiscal discipline to the state’s budget.
Author(s): PETER HANCOCK
Publication Date: 29 June 2021
Publication Site: Capitol News Illinois
Illinois plans to tap the municipal-bond market next week, just days after passage of President Joe Biden’s $1.9 trillion stimulus plan promises to help the lowest-rated state with some near-term financial stress.
The state is expected to sell $1.26 billion tax-exempt bonds on March 17. That follows S&P Global Ratings’s decision to pull Illinois back from the brink of a junk rating by lifting the outlook on the state’s BBB- rating to stable from negative on Tuesday, citing more federal aid and the start of an economic recovery. The proceeds from the sale will be for capital projects, accelerated pension payments and refunding.
Author(s): Shruti Date Singh
Publication Date: 10 March 2021
Publication Site: MSN (Bloomberg)