“‘This upgrade is not a result of Illinois making the necessary difficult choices. It is important to note that the state is not on the road back to structural balance. The upgrade is mostly because of the significant federal relief mostly from the March 2021 Rescue Plan Act,’ said Tom Kozlik, head of strategy and credit at HilltopSecurities Inc. ‘The rating agencies have to acknowledge this and that is what they are doing and/or likely to do.'”

Read the full article