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By Peter Hancock
Capitol News Illinois
SPRINGFIELD The credit rating agency S&P Global Ratings upgraded Illinois’ bond rating on Thursday, citing the state’s improved financial condition. It’s the second upgrade from a major credit rating agency to move the state away from the brink of “junk” status.
“The upgrade reflects our view of improved liquidity, demonstrated operational controls during the pandemic, and an improved economic condition,” S&P credit analyst Geoff Buswick said in a news release.
The upgrade moved the rating on Illinois’ general obligation bonds to BBB from BBB-, the lowest investment-grade rating available. The state’s long-term credit outlook was rated as stable.
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