Bloomberg Tax
March 14, 2023, 7:07 PM

Illinois Gets Second Upgrade in Under a Month as Revenue Rises

Shruti Date Singh
Shruti Date Singh
Bloomberg News

Illinois received its second rating hike in less than a month, with an increase Tuesday from Moody’s Investors Service, which cited “solid tax revenuegrowth,” increased reserves and reduced liabilities.

Moody’s lifted the state to A3, the seventh-highest level, from Baa1 and gave it a stable outlook, the ratings company said Tuesday. The move follows S&P Global Ratings, which lifted its general-obligation debt in February.

Pritzker Scores Best Illinois Rating Since 2016 With Lower Debt

Illinois has about $26 billion of general-obligation bonds, $2 billion of sales-tax bonds and $4 billion of appropriation bonds outstanding, according to Moody’s.

The state ...