Pritzker Scores Best Illinois Rating Since 2016 With Lower Debt

Billionaire Governor J.B. Pritzker vaulted Illinois into a higher tier of credit ratings for the first time since 2016 after working to improve the state’s beleaguered finances.

On Thursday, S&P Global Ratings raised Illinois’ general-obligation debt by one notch to A-, shedding its position as the only US state without an A-level rating. The outlook on the bonds is stable after the upgrade, which impacts about $26.5 billion of general-obligation debt, according to S&P.

The move builds on the state’s ratings revival over the past two years. During an interview at Bloomberg’s Chicago office, Governor J.B. Pritzker touted the steps ...