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Comptroller asks for upgrade to state's worst-in-nation credit

FEBRUARY 9, 2022 | by Greg Bishop | MY JOURNAL COURIER

Includes: "S&P Global has Illinois at BBB. Moody’s has the state at Baa2. That’s after upgrades from the agencies last year. Fitch has Illinois at BBB-. [Comptroller Susana Mendoza said,] 'We did not wait until the end of the fiscal year to pay it off and instead finished the repayment last month, nearly two years early, and saved taxpayers an estimated $82 million in interest,' she wrote. 'It is important to note that these payments to the Federal Reserve were drawn from state revenues without using direct federal relief funds.'" Sheila's note: The American Rescue Plan stated the federal relief funds could not be used to pay outstanding debt. Evidently the federal dollars were magic dollars which the Comptroller could distinguish from state revenue dollars when paying off the Federal Reserve debt.

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