The Moody’s credit rating service has given Illinois an upgrade for the second time in less than a year… after years in which the state’s bond rating had moved steadily in the opposite direction.
Last year’s rating increase moved Illinois back from the brink of junk bond status, and Moody’s says the latest upgrade reflects continued tax revenue growth and recent moves to pay more toward the state’s pension liability and its rainy day fund.
A better credit rating means the state pays a lower interest rate when it issues bonds or borrows money.
