Glowiak Hilton commends Illinois’ first bond upgrade in 20 years

OAKBROOK TERRACE – Moody’s Investor Services has upgraded Illinois’ General Obligation bond rating for the first time in more than 20 years, and State Senator Suzy Glowiak Hilton (D-Western Springs) is crediting the General Assembly’s work to get the state to this point. 

“Moody’s upgrade indicates our state is making responsible budgetary decisions—it should give Illinois taxpayers a sense of relief,” Glowiak Hilton said. “By enacting balanced budgets and prioritizing fiscal stability in recent years, we’ve put Illinois on a path to a brighter future.”

Moody’s Investors Services, one of the nation’s primary credit rating agencies, recently upgraded Illinois’ General Obligation bonds a step closer to the top rating. The upgrade signals a more stable outlook for Illinois’ economy, meaning state borrowing will cost less, which will in turn save taxpayers money.

The analysis highlighted the Fiscal Year 2022 budget for the upgrade. Moody’s stated increased pension contributions, repayment of emergency Federal Reserve borrowings, and constrained use of federal aid from the American Rescue Plan Act are to thank for the increased rating. 

This is the second positive rating action for Illinois in a week, following an outlook improvement from Fitch.

Glowiak Hilton urges governor to sign measure supporting local businesses

SPRINGFIELD – As the state begins to recover from the pandemic, State Senator Suzy Glowiak Hilton (D- Western Springs) urges Gov. JB Pritzker to sign legislation to help small businesses bounce back from the stresses of the last year.

“Our small businesses need our help easing the financial burdens the last year has put on them,” said Glowiak Hilton, who sponsored the bill in the Senate. “Local governments should be able to make the decision to waive certain fees to allow these businesses to get back to a place of economic security.”

If signed, House Bill 2454 would create an option for local counties and municipalities to waive licensing, permitting, or registration fees for local businesses and services for businesses who demonstrate financial need due to the pandemic.

“Illinois’ hospitality sector alone saw a loss of 40% of jobs during the pandemic,” Glowiak Hilton said. “I urge the governor to sign this measure as soon as possible in order to provide the support our local businesses need to get back to where they were.”

HB 2454 is currently awaiting further action by the governor.

Glowiak Hilton highlights Illinois’ bond status upgrade

OAKBROOK TERRACE – Fitch Ratings has revised its outlook on Illinois’ General Obligation bonds from negative to positive, and State Senator Suzy Glowiak Hilton (D-Western Springs) applauds the upgrade as a direct result of responsible spending.

• “Recent fiscal results and the enacted fiscal 2022 budget suggest further improvements in operating performance and structural balance in the near and medium-term that could support a return to the pre-pandemic rating or higher."
• “Recent improvements including reduction in accounts payable and enacting plans for early retirement of federal pandemic loans, signal improvement in budget management.”
• “Broadly, the state reports a $1 billion reduction in total general fund spending for fiscal 2022 ($42.3 billion) versus the current services estimate provided in November 2020. General fund base operating spending remains flat in the fiscal 2022 enacted budget versus fiscal 2021 at $30.8 billion. Funding for K-12 and higher education is up 3%, including a $350 million increase for K-12.”

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