Comptroller Susana Mendoza welcomes 11th credit upgrade

Comptroller Susana A. Mendoza offered this statement following Moody’s upgrade of Illinois’ 11th credit rating upgrade Wednesday:

I am so proud that Illinois is once again being recognized for its fiscal transformation. Today’s upgrade from Moody’s is another powerful vote of confidence in the fiscal progress Illinois has made.

In upgrading the state’s general obligation bonds to its highest rating in nearly 15 years, Moody’s cited Illinois’ continued reserve growth, the return to timely audited financial statements and a demonstrated pattern of conservative fiscal management.

Ten years ago, Illinois was synonymous with unpaid bills, budget gridlock and financial uncertainty. Today, we have a record Rainy Day Fund of more than $2.5 billion, we’ve eliminated the bill backlog, we’re managing our debt responsibly and we’re paying our bills faster than the private sector. That didn’t happen overnight, and it didn’t happen by accident.

Every credit upgrade matters because it can mean real savings for Illinois taxpayers. Just as a higher personal credit score helps individuals secure a lower interest rate on a home or auto loan, a stronger state credit rating allows Illinois to borrow at a lower cost—saving taxpayers money while helping fund vital infrastructure needs like roads, bridges and schools.

This is not the finish line. It’s another milestone. I’ll continue pushing for stronger reserves, responsible debt management and the kind of long-term fiscal discipline that will keep Illinois moving toward even higher credit ratings.