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After 24 years, Illinois snags an upgrade from S&P Global Ratings


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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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Illinois revenues surged in previous fiscal year


SPRINGFIELD — Revenues flowing into state coffers surged in the fiscal year that ended June 30, spurred largely by an influx of federal funds, the delayed deadline for filing income tax returns last year and an economic recovery that boosted income and sales tax collections beyond what had been estimated.
A report from the Commission on Government Forecasting and Accountability, a legislative agency that monitors the budget and state revenues, showed base receipts to the General Revenue Fund jumped nearly $6.8 billion, or 17.8 percent, during the fiscal year, fueled by big increases in personal and corporate income taxes and retail sales taxes.
That growth does not include money the state borrowed from the Federal Reserve last year or any of the money the state routinely borrows on a short-term basis from other state funds. ....

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