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Illinois reaped a second rating reward for its improving fiscal condition with its first S&P Global Ratings upgrade in 24 years.
The upgrade to BBB from BBB-minus followed a similar move by Moody’s Investors Service last week raising the rating to the same level at Baa2 with a stable outlook.
In June, Fitch Ratings moved the state’s outlook to positive on its BBB-minus rating, but stopped short of an upgrade.
Illinois Governor J.B. Pritzker hailed S&P Global Ratings upgrade of Illinois.
Susan Blair/U.S. Army Corps of Engineers, Chicago District The upgrade reflects our view of improved liquidity, demonstrated operational controls during the pandemic, and an improving economic condition, said S&P’s lead Illinois analyst Geoff Buswick. “The stable outlook reflects the expected strength of the liquidity position, continued economic recovery, and regular revenue and expenditure reporting and budgetary control usage.”
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