In another implicit rebuke to the lump of clay that occupied the Governor's Mansion for four years, Illinois finally got a bump in its credit rating after Governor Pritzker started paying our bills again:
In upgrading Illinois’ credit by one step — to two notches above junk bond status instead of one — Wall Street ratings agency Moody’s Investors Service noted that the $42 billion spending plan for the year starting July 1 “increases pension contributions, repays emergency Federal Reserve borrowings and keeps a backlog of bills in check with only constrained use of federal aid” from President Joe Biden’s coronavirus relief plan.
Even after the upgrade, Illinois remains the lowest-rated state on Moody’s scale, two notches below the next-lowest: New Jersey. Generally, states with higher credit ratings are able to borrow money at lower interest rates, ultimately saving taxpayers money.
While the upgrade from Moody’s is welcome news, it only returns the state’s rating to where it was before the last of three downgrades during the tumultuous tenure of Pritzker’s predecessor, former Republican Gov. Bruce Rauner.
It still baffles me why Rauner screwed Illinois so hard and without lube. He may have qualified as a "moderate" Republican by today's standards, but he still moved to kill unions, kill the state budget, and kill working people in Illinois.
Rauner now lives in exile in—where else?—Florida.