It’s another credit upgrade for the state of Illinois – as a second major credit rating service has returned the state’s bonds to the “A” category.
Moody’s elevated the state’s rating to A3 from Baa1, Moody’s highest ranking for Illinois since at least 2015.
Illinois has now gotten a total of eight upgrades from the three major rating services over the past four years. Prior to that, Illinois’s bonds were ranked just above junk status.
Higher credit ratings mean lower borrowing costs for the state, even though Illinois still has one of the lowest credit ratings of any state in the nation.
