Illinois Receives First Credit Rating Increase in Two Decades, College Athletes Can Earn Endorsement Deals
SPRINGFIELD, Ill. – House Speaker Emanuel “Chris” Welch applauded the General Assembly, Governor JB Pritzker and Comptroller Susana Mendoza in their combined efforts in getting Illinois back on track to a fiscally healthy future.
"There’s consensus—not only have all three rating agencies upgraded our state's outlook, but now Moody's has given Illinois a full credit upgrade,” said Welch. “Thanks to responsible and balanced budgets, as well as sound economic policy decisions, we continue to move our state toward financial stability. This is yet another example that we can support all Illinois families, invest in our communities, and provide high-quality state services to those in need, all while improving our fiscal health."
Moody’s upgraded Illinois’ rating on its General Obligation bonds from Baa3 with a stable outlook to Baa2 with a stable outlook. These ratings are a measure of a state’s credit quality and a higher bond rating generally means the state can borrow at a lower interest rate, which saves taxpayers millions of dollars.
“A ratings upgrade pays momentous dividends for taxpayers, and the people of Illinois deserve credit for their incredible resilience and determination,” said Governor JB Pritzker. “This upgrade is the result of many leaders working together on a strong fiscal plan and putting that plan in place, and I would like to especially thank Speaker Welch, President Harmon, Leader Greg Harris, Senator Sims, Comptroller Mendoza and Treasurer Frerichs for their partnership.”
In addition to the good news related to the state’s credit increase, Speaker Welch also was able to see legislation allowing college athletes profit from endorsement deals signed into law on Tuesday. This has been a priority for Speaker Welch for years, and now with a changing national climate as well, student athletes at both public and private universities will have the opportunity to make money off of their name, image and likeness.
“It’s long past due to see our athletes receive the recognition and compensation that they deserve,” said Welch. “This is about equity and fairness. This is about doing the right thing for these athletes.”
Speaker Welch gave a special thanks to Leader Kam Bucker (D-Chicago) for putting in the work and final push to get this legislation across the finish line in the House.
“What we are signaling here is that we cannot continue to economically suppress these young people while they infuse tremendous amounts of money into our economies,” said Buckner.