Moody's upgrades Illinois' bond rating for first time in 20 years

SPRINGFIELD, Ill. (WLS) -- For the first time in more than 20 years, Moody's has upgraded Illinois' bond rating.

A higher bond rating typically means a state can borrow money at a lower interest rate.

Governor JB Pritzker said the upgrade will save the state millions of taxpayer dollars.

"Despite all the challenges of the last year, after eight credit downgrades our state suffered under my predecessor, I say with full certainty Illinois' fiscal conditions is heading in the right direction," said Pritzker.

Illinois's rating had been just above "junk bond status."

Last week, Fitch's reversed its financial outlook for Illinois from negative to positive.