Fitch Ratings has upgraded Illinois’ bond outlook from negative to positive, according to a news release from Governor J.B. Pritzker’s Office. Pritzker says the upgrade is another sign of momentum for the state’s fiscal condition.
Analysis from Fitch says Illinois is taking steps to pay down its existing debt and improve its operating performance. It also says the budget reflects an around $1 billion reduction in total general fund spending for fiscal year 2022. The analysis also says that unlike recent years the budget doesn’t include any inter-fund loans or sweeps.
Fitch is the third ratings agency to upgrade Illinois’ outlook.