CHICAGO — Governor JB Pritzker today announced that Illinois has earned its second credit rating upgrade in less than a week, as S&P Global Ratings raised the State’s general obligation bond rating to an A rating (stable outlook). The action marks Illinois’ 12^th credit rating upgrade under Governor Pritzker’s leadership and the highest S&P credit rating in more than a decade.

Today’s announcement follows Moody’s decision last week to raise Illinois to A1, its highest Moody’s rating in nearly 15 years. S&P cited the State’s maturing track record of disciplined fiscal management and increased governance credibility in announcing its decision. The credit agency also highlighted Illinois’ eighth consecutive balanced budget, despite losses caused by H.R. 1 passed in July 2025. Together, the back-to-back upgrades provide further independent recognition of Illinois’ sustained financial progress and the State’s fiscal responsibility credentials to navigate future economic challenges.

“Achieving two back-to-back credit upgrades is a powerful confirmation that Illinois is building financial progress to last,” said Governor JB Pritzker. “Working alongside the General Assembly, we have transformed Illinois from a state defined by fiscal instability into one earning recognition for responsible financial management. Even as the Trump Administration creates uncertainty and new challenges for states, we are strengthening our reserves, confronting our pension obligations, and putting Illinois on a path toward long-term financial security.”

“After the financial mismanagement of previous administrations, Illinois has come back better than ever and is on strong fiscal footing,” said Lieutenant Governor Juliana Stratton. “Thanks to the diligence of the Pritzker-Stratton administration — and eight consecutive balanced budgets — Illinois’ financial future is bright.”

“This 12th consecutive credit upgrade restoring Illinois to an A rating is a double-win for Illinois families; it reduces the cost of financing the economic development projects that build and strengthen our economy, which allows more of our finite resources to sustain the lifesaving services people need now more than ever,” said House Majority Leader Robyn Gabel (D-Evanston). “Once again, Illinois is showing that we will not choose between a state that works and a state that cares. We choose to be both.”

“Today’s news confirms that years of making fiscal discipline our guiding principle are working as intended,” said Senate Majority Caucus Appropriations Leader Elgie R. Sims, Jr. (D-Chicago). “We are helping Illinois maintain stability and make smart investments during federal uncertainty that are setting Illinois up for long-term financial success.”

The latest upgrade follows the enactment of Illinois’ eighth consecutive balanced budget, which held growth in discretionary spending below 0.5 percent while maintaining critical investments in core services and lowering costs for working families. ​

Illinois also took significant new steps this year to strengthen its long-term pension systems. The State extended its pension acceleration program through Fiscal Year 2028 and established a mechanism to direct eligible annual Income Tax Refund Fund surpluses exceeding $150 million toward reducing pension liabilities.

Illinois has now received 12 upgrades since June 2021 across the three major credit rating agencies: S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings. The agencies have recognized Illinois’ balanced budgets, stronger financial reserves, reduced debt, improved fiscal governance, and continued action to address long-term liabilities.

Before Governor Pritzker took office, Illinois endured 24 credit rating downgrades over 15 years, including eight downgrades between 2015 and 2017. The State accumulated nearly $17 billion in unpaid bills, depleted its financial reserves, and went more than two decades without receiving a credit rating upgrade.

Last week, after Illinois received its 11th credit upgrade, Governor Pritzker rubbed the nose of the Abraham Lincoln statue at the State Capitol for good luck and said he hoped another upgrade was on the way. Less than a week later, his wish came true.

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