(Chicago, IL) Illinois has been given a credit upgrade, but the good news seems to stop there. For the second time in a year, Moody’s Investors Service bumped up Illinois, which now stands at a grade of Baa1. The state still maintains the worst credit rating in the nation, being two levels below New Jersey, and 4 levels behind the next group of states that includes Connecticut and Pennsylvania. Moody’s cited a growth in tax revenue in issuing the latest upgrade for Illinois. But many experts say that growth will likely be temporary, as most of it can be linked to an influx of federal dollars from Covid relief packages.
Tim Vander Tuuk, WXLC News (4-22-22)