Governor Quinn issued the following statement regarding today's announcement that Standard & Poor's ratings agency has improved its outlook on the state of Illinois' bonds from "negative" to "developing."
This is the first positive movement for Illinois bonds in years and is the direct result of the bipartisan, comprehensive pension reform legislation that Governor Quinn signed into law last week. On Friday, Moody's called the new pension reform law a "credit positive" and said it "may be the largest reform package implemented by any U.S. state."
"I am pleased the ratings agencies are recognizing that Illinois is moving in the right direction," Governor Quinn said. "As I've always made clear, one of the many reasons to resolve Illinois' pension crisis was the negative impact it had on our bond rating, which cost taxpayers more money to finance critical repairs and improvements to roads, bridges and schools.
"This improved outlook will be the first of many positive developments towards a revitalized and stronger Illinois," the Governor said.
Below is Standard & Poor's revised outlook. In the document, Standard & Poor's credit analyst Robin Prunty said, "The change reflects the consensus reached on pension reform, which we believe could contribute to a sustainable path to fiscal stability."