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SPRINGFIELD, Ill. (WAND) - Illinois has now seen its fifth credit upgrade in less than a year, state officials announced. 

On Thursday, the state earned a two-notch bond rating upgrade from Fitch Ratings. Fitch noted "fundamental improvements in Illinois' fiscal resilience." 

It's the first upgrade for Illinois from Fitch in over 20 years. It followed Moody's Investors Service, which gave the state an upgrade in April. 

Fitch's double-upgrade announcement said the state has been able to accelerate repayment of some budgetary liabilities through "prudent expense management." 

In 2021, Moody's upgraded Illinois' credit rating on June 29, which was the first upgrade the state earned from the service in over 20 years. On July 8, the state earned another upgrade from S&P Global. 

“Our state has now earned five credit upgrades during my tenure as Comptroller. It’s an amazing accomplishment and I’m very proud that my team and state leaders are showing you can lead with empathy – prioritizing human and social services as well as promises made to state retirees about their pensions – while also prioritizing fiscal responsibility,” Illinois Comptroller Susana Mendoza said.

Mendoza's office said the state has now repaid federal loans years ahead of schedule, saving $82 million for Illinois taxpayers. A press release said she has placed a focus on paying down Illinois' backlog of bills and shrinking the amount of time state vendors wait for payments. 

“According to the March report, the Office of the Comptroller's bill payment cycle, or the age of the state's oldest unpaid general funds voucher for external vendors was 18 business days as of March 31. The Comptroller reports this metric has steadily decreased (aside from seasonal variation) from a peak of 210 days in November 2017,” Fitch said in the upgrade announcement. 

Both Moody's and Fitch named state's contributions into reserves as a reason for credit upgrades.

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