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Moody’s Investors Service revised the Illinois’ outlook from
“stable” to “positive,” citing continued improvement in fund
balance and budget reserves. Moody's added that the positive
outlook hinged on the possibility of continued growth in state
revenue.
"We’ve had nine consecutive credit upgrades and we want to keep
going,” said Illinois Comptroller Susana Mendoza. “Better
ratings from the bond rating agencies mean lower costs for
Illinois taxpayers on infrastructure projects like roads and
bridges."
Sheila Weinberg, president of the financial thinktank Truth in
Accounting, said she doesn’t put a lot of weight on the credit
rating.
“We continue to give them an 'F' despite what Moody's is giving
them because of the burden that the state is continuing to put
onto future taxpayers,” Weinberg told The Center Square.
Just last year, Moody's described the state’s financial position
as weak, citing the bleak pension obligation situation.
“And it still is, it’s not like it got better,” said Weinberg.
“The governor contributed $5 billion less than he should have
into the pension plan so it’s even worse.”
The state’s rainy day fund surpassed $2 billion late last year,
but according to Pew Charitable Trusts, the state is ranked 47th
in the country for the amount of days the government could run
on that fund.
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