CHICAGO (AP) – Moody’s Investors Service has changed its outlook on Illinois bonds from “negative” to “stable.” That’s a signal to investors that Illinois’ financial stability is moving in a better direction.
It follows S&P Global Ratings’ announcement March 9 that the rating agency was changing its outlook on Illinois bonds from “negative” to “stable.”
Moody’s cited “the state’s financial performance through the pandemic, in combination with increased levels of federal support that will moderate near-term fiscal and economic pressure.”
“Illinois still has a long way to go, but these two changes in outlook signal to investors that Illinois is heading in a better direction,” Illinois State Comptroller Susana A. Mendoza said. “The ratings agencies make clear that Illinois using its funds from the American Rescue Plan to pay down debt is the most responsible path forward for the state’s finances and the best way for the state to achieve an upgrade in its ratings.”