For now, S&P said the state's near-term credit outlook is 'stable.'
SPRINGFIELD -- S&P Global Ratings announced Thursday that it had raised Illinois' long-term credit rating to A-, up from BBB+, marking the seventh upgrade the state has received from a major rating agency in less than two years.
by signing up you agree to our terms of service During the last two years, however, Illinois has used higher-than-expected revenues to pay off its backlog of past-due bills and retire other short-term debt early. In addition, it has set aside $1.9 billion for the state's budget stabilization fund -- commonly known as the"rainy day" fund -- and the state is projected to deposit another $138 million into that fund in the upcoming fiscal year, according to Gov. J.B.
Offsetting those factors, S&P said, is the state's high unfunded pension and other post-employment benefit liabilities such as health care. The agency also dinged Illinois on its practice of releasing annual financial audits later than most other states and population declines, which it warned could impact future economic growth.
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