Illinois Achieves 10th Rating Upgrade Since Governor Pritzker Took Office
Moody’s rating upgrade serves as continued recognition of Illinois’ significant financial progress
October 23, 2025
CHICAGO—Today, Governor Pritzker celebrated the State’s 10th credit rating upgrade in just over four and a half years as Moody’s Investors Service upgraded Illinois’ rating to A2 for the State’s general obligation bonds. This recognition comes as Illinois has made significant financial progress under Governor Pritzker, including passing seven consecutive balanced budgets, eliminating the bill backlog, increasing the rainy-day fund to nearly $2.4 billion today, and years of responsible financial management and discipline. The rating upgrade reflects the State’s continued commitment to growing the economy and maintaining fiscal stability and comes even as the Trump Administration’s policies create national economic uncertainties and negative financial impacts for states like Illinois.
“The latest Moody’s upgrade reflects how Illinois continues to increase its financial standing. Our tenth credit upgrade speaks volumes to the state’s commitment to consistent fiscal discipline – even as the Trump Administration creates widespread economic uncertainty,” said Governor JB Pritzker. “With each credit upgrade, Illinois saves taxpayers millions of dollars in interest payments and further demonstrates the benefits of long-term improvements to our fiscal position.”
The rating of a state’s bonds is a measure of their credit quality. A higher bond rating generally means the state can borrow at a lower interest rate, saving taxpayers millions of dollars. Before Governor Pritzker took office, the State of Illinois experienced 24 downgrades over 15 years. Between just 2015 and 2017, Illinois suffered eight credit rating downgrades and sat at the top of many analysts’ lists of the worst managed states in the nation under the previous administration. At its worst, Illinois’ bill backlog hit nearly $17 billion.
Across major credit rating agencies Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings, the State has received ten upgrades since June of 2021. Prior to those upgrades, the State had not received an upgrade since June of 2000, over two decades. Agencies have cited the State’s actions in paying down bill backlogs, repaying debts, increased fiscal transparency, building financial reserves, and balancing the State budget as factors in the upgraded ratings.
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