Ratings

Fitch Ratings also maintained a negative outlook on BART.

Economic growth after the pandemic and maintaining structural balance and reserves will influence whether Fitch ultimately lifts the state to AAA from AA-plus.

Better funding levels prompted S&P Global Ratings to revise the outlook on the state's BBB-plus GO bond rating to positive from stable.

Pitfalls loom despite improved bond ratings and an improving fiscal picture, according to members of the state's fiscal control board.

Illinois' single-employer pension plans are straining the budgets and ratings of those local governments without the tax base, flexiblity, and fiscal discipline to tackle rising costs, S&P says in a special report.

Federal relief and rising revenues drew a change in outlook from Moody's to stable from negative, but Moody's remains the only agency to rate Chicago at junk.

“There’s been a lot of discussion about New York City and its future in the public domain. And when that happens it makes sense to solicit multiple opinions,” said Kroll Senior Managing Director Karen Daly.

A brightening revenue and liquidity picture and improved fiscal governance and management were cited as Moody's assigned a positive outlook.

The two issuers that defaulted suffered from pre-existing conditions, according to Moody's analysts.

The Metropolitan Pier and Exposition Authority and the Illinois Sports Facilities Authority are heading into the bond market, buoyed by state rating upgrades.