It has been a while since anybody heard this, but somebody is upgrading its view of Illinois’ financial condition.
Standard and Poor’s has revised the outlook for Illinois from negative to developing, based on the passage and signing last week of the pension restructuring law. Fitch’s and Moody’s have also given positive feedback.
“Moody’s rating agency says this is the largest pension reform package of any state,” says Abdon Pallasch, the state’s assistant budget director.
Pallasch adds the reports take into account the fact that revenues are in for a change when the state’s personal income tax declines from 5 percent to 3.75 percent after next year.