Illinois Earns 10th Credit Rating Upgrade on Comptroller Mendoza’s Watch

Illinois Comptroller Susana A. Mendoza, the state’s chief fiscal and accountability officer, welcomed Thursday’s announcement by Moody’s Ratings agency of the state’s 10th credit rating upgrade in recent years.

“I promised when I ran for Comptroller that I would break the string of credit downgrades the state had received and get us our first credit upgrade in years,” Comptroller Mendoza said. “This makes 10 upgrades on my watch.”

In announcing Thursday’s upgrade from A3 to A2, Moody’s cites the state’s Rainy Day Fund, which has grown from $48,000 to $2.4 billion on Mendoza’s watch: “Illinois continues to add to its reserves and fund balance, growth in which is a crucial element in mitigating risks associated with the state’s high leverage, as well as shifts in federal policy.”

Mendoza has championed a bill to require more regular payments into the state’s Rainy Day Fund and Pension Stabilization Fund. Moody’s statement Thursday cited both those actions as potentially leading to further upgrades.

“These 10 upgrades recognize our work in eliminating the bill backlog, paying down debts, increasing transparency, building up our Rainy Day Fund and the General Assembly’s and governor’s balanced budgets – Thanks Moody's!” Comptroller Mendoza said.