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
Willow Springs hires three for police department
Spread the loveBy Steve Metsch All three new hires by the Willow Springs Police Department have some experience working in the village. But as of Jan. 27, they are officially members of the police department. The Willow Springs Village Board, at its most recent meeting, hired Andzeliak Bugajski and Anthony Vosicky as part-time officers and…
Argo wrestlers advance to sectionals
Spread the love From staff reports Nine members of the Argo wrestling team qualified for this weekend’s sectional tournament at the IHSA Class 3A regional at Mount Carmel High School last Saturday. Head Wrestling Coach Matthew McMurray said, “It was a great job by all of our wrestlers as they finished in third place. We…
Spartan Educational Foundation presents Rat Pack tribute
Spread the loveBy Kelly White Oak Lawn Community High School’s Spartan Educational Foundation is dedicated to helping students fulfill their dreams. “The Spartan Educational Foundation is continuously looking for opportunities to raise funding to support our student scholarship and staff mini-grant programs,” Michael Riordan, Superintendent at Oak Lawn Community Hight School and Spartan Educational Foundation…
Stickney’s St. Pius X Parish to merge with St. Leonard
Spread the loveBy Bob Bong St. Pius X Parish in Stickney will merge with St. Leonard Parish in Berwyn this summer, Cardinal Blase J. Cupich, archbishop of Chicago, announced last month. The merger is part of the archdiocese’s ongoing Renew My Church initiative and will take effect on July 1. The new parish will have one…
La Grange twins are Chick Evans scholars
Spread the loveBy Steve Metsch Long hours spent in the La Grange Country Club’s caddie shack – killing time by reading books or playing cards as they wait to be called to duty – have paid off for a brother and sister. Through the past four years, Caroline and Casey Hart honed their skills, learned…
Fun from above
Spread the love While some folks see heavy snowfall and curse the skies, children in Clearing and Garfield Ridge seemed thrilled with last week’s winter windfall. Schools cancelled classes, and kids like Garfield Ridge sisters Makayla, 10, and 6-year-old Mia Hernandez grabbed their plastic sleds and rode ripples of white all afternoon on a large…
Brother Rice’s 11-game win streak ends with loss to Leo
Spread the loveBy Jeff Vorva Staff writer In seemingly a blink of an eye, Brother Rice picked up as many losses as it had all season. The Crusaders headed into last weekend’s action with a 21-2 record and was 10-0 in the Chicago Catholic League Blue. But Friday night, they suffered a 56-50 setback to…
Area Sports Roundup: Six area girls bowling teams headed to sectionals
Spread the loveBy Jeff Vorva Staff writer Six area girls bowling teams are headed to sectionals. Reavis and Stagg won IHSA regional titles last Saturday, and four other teams have advanced to this weekend’s action. Reavis won its own regional at Palos Lanes in Palos Hills with a 5,378 in six games, well ahead of…
Marist cheerleaders takes 2nd in state
Spread the loveBy Jeff Vorva Staff writer After Marist’s cheerleaders watched a video of their state finals performance on Feb. 5, there were some long faces and tears as the girls filed out of the video room and into the cooling-off room. After a long meeting, there were more long faces. “I’ve had better days,”…