Moody’s gives Illinois another credit upgrade
By PETER HANCOCK
Capitol News Illinois
phancock@capitolnewsillinois.com
SPRINGFIELD – Moody’s Investors Service announced Tuesday that it has upgraded Illinois’ bond rating to A3, up from Baa1, marking the eighth credit upgrade the state has received in less than two years.
Moody’s is now the second major rating agency to put Illinois in the ‘A’ category following S&P’s decision on Feb. 23 to upgrade the state to A- on its scale.
“This credit upgrade, our second one this year, is the result of the steps we’ve taken in Illinois to put ourselves on firm fiscal footing,” Gov. JB Pritzker said in a statement. “We have balanced our budget, paid our bills on time, cleared out decades of debt, made extra pension payments, and saved billions for a rainy day.”
In its announcement, Moody’s cited the state’s “improving governance” as a key factor in its decision. Moody’s is one of many firms that now assesses companies and governments on an “environmental, social and governance,” or ESG, framework.
The rating agency said it had updated the state’s “issuer profile score” in the governance category to 2 from 3.
“Like other states, Illinois enjoyed solid tax revenue growth over the past couple years, expanding its capacity to build financial reserves and increase payments towards outstanding liabilities,” Moody’s said in its announcement. “The state is on track to close fiscal 2023, which ends June 30, with further growth in reserves that are already at their strongest level in over a decade.”
Illinois’ “rainy day” fund is slated to reach its highest-ever balance of more than $1.9 billion by the end of the fiscal year.
The new rating applies to the state’s general obligation, or GO, bonds and its Build Illinois sales tax bonds. Illinois currently has approximately $26 billion in outstanding GO bonds and $2 billion in outstanding sales tax bonds.
Moody’s also rated the state’s financial outlook as “stable,” saying that such an outlook “balances the financial progress being made by the state with the uncertainty of the present economic climate.”
“The state’s lean financial reserves and heavy long-term liability and fixed cost burdens make it more vulnerable than other states to a negative shift in the national or global economy,” it said.
Capitol News Illinois is a nonprofit, nonpartisan news service covering state government. It is distributed to more than 400 newspapers statewide, as well as hundreds of radio and TV stations. It is funded primarily by the Illinois Press Foundation and the Robert R. McCormick Foundation.
Local News
Mother Mac unveils new lights and scoreboard
Spread the loveBy Kelly White Across the nation, women’s sports are on the rise in terms of viewership, enthusiasm, sponsorship and excitement. Mother McAuley is no stranger to the impact that women’s athletics has on the development of an individual, strengthening of a team and key skills and attributes developed along the way. South Side…
Cicadas in the park in Palos Park
Spread the loveBy Kelly White Cicadas are coming and the Village of Palos Park is ready. The village hosted its 31st annual Arbor Day Celebration on Sunday, May 5, themed, “The Wonder of Trees” at The Center in the Lodge, 12700 Southwest Highway, with featured speaker, Tricia Bethke of The Morton Arboretum who presented, “Cicadas…
Palos Heights SD 128 sees enrollment boom
Spread the loveBy Kelly White Over the past few years, Palos Heights School District 128 has experienced an explosive growth among incoming students. There has been a significant increase particularly at Indian Hill Early Learning Center, 12800 S. Austin Ave. Chippewa Elementary School, 12425 S. Austin Ave; Navajo Elementary School, 12401 S. Oak Park Ave;…
Comings & Goings: Orange’s Pancake House now open in Palos Heights
Spread the loveBy Kelly White Palos Heights is the home of a popular new breakfast café. Orange’s Pancake House, 11845 Southwest Highway, held a ribbon-cutting event on April 18. Owners, Elvia Briones, of Virgina, and Fernando Cruz, of Evergreen Park, said they were very excited to be in the heart of the Palos Heights community.…
Sisters make Chicago Lawn a world destination
Spread the love. Kathy Headley Your correspondent in Chicago Lawn and Marquette Manor 6610 S. Francisco • (773) 776-7778 . Earlier this month was the Fifth Lithuanian Documentary Film Festival, with distinguished guests from Lithuania and other parts of the United States visiting the neighborhood. They held a photo session in the editorial office of…
Happy Mother’s Day to everyone, everyone
Spread the love. By Mary Stanek Your correspondent in Archer Heights and West Elsdon 3808 W. 57th Place • (773) 517-7796 . Yet another Mother’s Day is upon us. I wish everyone a happy day. By everyone I do mean everyone. There are a lot of dads who do it alone, along with important mother…
Mother’s Day is truly a day to be celebrated
Spread the love. Peggy Zabicki Your correspondent in West Lawn 3633 W. 60th Place • (773) 504-9327 . Mother’s Day happens on Sunday, May 12. If this isn’t something to celebrate, I don’t know what is. Motherhood means new life, new beginnings, new possibilities. Even if you won’t be seeing your mom, you can still…
Saint Xavier men’s volleyball finishes historic season in nation’s top 4
Spread the loveBy Jeff Vorva Correspondent The Saint Xavier men’s volleyball team made history by advancing to the semifinals of the NAIA Men’s Volleyball National Championship. But the Cougars fell to eventual national champion Georgetown (Kentucky), 25-21, 25-23, 22-25, 21-25, 15-10, on May 3 at Alliant Energy PowerHouse in Cedar Rapids, Iowa. Although there was…
Neighbors
Kaegi, legislators, advocates unveil affordable housing initiative
Spread the loveFrom staff reports Cook County Assessor Fritz Kaegi was joined by state legislators and affordable housing advocates earlier this week to launch the Affordable Housing Special Assessment Program, a new form of property tax relief recently signed into law. Kaegi worked with legislative partners who passed the law last spring, including State Sens.…
Lopez nixes dibs
Spread the love While calling dibs on parking spaces in the winter is an informal tradition in the city, 15th Ward Ald. Raymond Lopez recently reminded his constituents in Back of the Yards, Brighton Park, Gage Park and West Englewood that no one may call dibs indefinitely. He instructed his Streets and Sanitation ward superintendent…
St. Dan’s Summerfest to return
Spread the lovePopular event was gone for several years By Tim Hadac Details are just starting to emerge, but it looks like St. Daniel the Prophet Parish’s Summerfest will return in 2022, after an absence of several years. The family-focused event is set for Thursday, June 16 through Sunday, June 19 on parish grounds at…
Skating is winter’s silver lining
Spread the loveBy Joan Hadac Your correspondent in Clearing and Garfield Ridge (708) 496-0265 • joan.hadac@gmail.com Hi everyone. As I write this, snowmageddon is raging outside. I’m not sure how many inches we have as of yet, or how many we will end up with; but I hope by the time you read this, we are…
Property tax bills due soon, Pappas says
Spread the loveFrom staff reports Cook County Treasurer Maria Pappas recently mailed nearly 1.8 million Tax Year 2021 First Installment property tax bills. Payments are due March 1, 2022. The First Installment is 55% of the previous year’s total tax. Exemptions that can reduce a property owner’s taxes are applied to the Second Installment bill.…
Marchers welcome in St. Patrick’s Day parade
Spread the loveBy Tim Hadac Southwest Side organizations are welcome to march in the community’s annual St. Patrick’s Day parade, set for Saturday, March 12. It is anticipated that local schools, churches, Scout troops, youth athletic associations and others will have units in the parade. Units will have to register in advance with parade organizers.…
Scout Sunday at St. Mary Star of the Sea
Spread the love Members of Boy Scout Troop 1441, sponsored by the St. Mary Star of the Sea Holy Name Society, as well as their families, attended Mass last weekend at St. Mary’s on what is traditionally Scout Sunday in churches across America. It also signals the start of a month of celebration in recognition…
Rush wants fair shake for independent auto repair shops
Spread the loveFrom staff reports A proposed law designed to preserve consumer access to high quality, affordable vehicle repair was introduced recently by U.S. Rep. Bobby L. Rush (D-1st). The Right to Equitable and Professional Auto Industry Repair (REPAIR) Act (HR 6570) would ensure that vehicle owners and independent repair shops have equal access to…
Palos Golf returns to Tinley Expo despite loss of longtime owner
Spread the loveBy Jeff Vorva The Tinley Park Golf Expo returned to the village’s convention center last weekend. So did the Palos Golf Shop. But there was someone very important missing. Thomas Thoss, the longtime owner of the Palos Hills business along with his wife, Nancy, died in October after a battle with cancer. His…
Orland Park officials Geeked up over new safety ranking
Spread the loveBy Jeff Vorva The Geek has spoken. And Orland Park officials liked what it had to say. The MoneyGeek personal finance technology company ranked Orland Park eighth safest out of 952 United States cities between 30,000 and 100,000 residents for 2021. “As crime continues to rise in Chicago and the surrounding suburbs, we…