CREDIT RATING
Fitch Ratings has elevated Illinois’ rating for general obligation bonds. The rating of a state’s bonds is a measure of their credit quality. A higher bond rating generally means the state can borrow at a lower interest rate, saving taxpayers millions of dollars. The Pritzker administration notes that between 2015 and 2017, the state of Illinois suffered eight credit rating downgrades and sat at the top of many analysts’ lists of the worst managed states in the nation. Across major credit rating agencies S&P Global Ratings, Fitch Ratings and Moody’s Investors Service, the state has received nine upgrades since June of 2021.
GAS RATE HIKE
The head of Peoples Gas was in the hot seat Tuesday over the utility’s proposed record rate hike. Torrence Hinton was grilled by members of the Chicago City Council regarding the increase that would add about $12 a month to the average gas bill. One alderman said the $402 million rate hike has been proposed following the company’s sixth straight year of record profits, and noted that the $2 billion pipe replacement program has ballooned to $11 billion.
FOOD PROGRAM
The Illinois State Board of Education has announced the income eligibility guidelines for free and reduced-price meals at child care centers and day care homes participating in the Child and Adult Care Food Program. The program is funded by the U.S. Department of Agriculture. Parents or guardians are being asked to contact their child care center or day care home provider to find out if they participate in the program.
