Gov. Brian P. Kemp this week announced Georgia has again secured the highest ratings of AAA with a stable outlook from each of the three main credit rating agencies: FitchRatings, Moody’s Investors Service, and S&P Global Ratings.
This, according to a press release that members of Kemp’s staff published on his website.
Of the states that issue general obligation bonds, only nine currently meet this standard. Georgia’s upcoming general obligation bond sale will fund more than $1.1 billion in capital projects. The Peach State’s AAA ratings will enable the state to sell its bonds at the lowest possible interest costs when it takes bids for those bonds in early June. The credit rating agencies’ individual ratings are AAA, Aaa, and AAA, respectively, the highest ratings possible, and indicative of sound fiscal management, the press release said.
“Securing the highest state bond rating for yet another year is a testament to decades of conservative leadership at the state level and our balanced approach in protecting both lives and livelihoods throughout the COVID-19 pandemic,” Kemp said in the press release.
“In a year of unprecedented challenges — working with the General Assembly — we cut taxes, balanced the state’s budget, invested in essential services, and avoided draconian budget cuts. These decisions resulted in an unemployment rate below the national average and the lowest of the 10 most populated states, record job and investment growth, and being named the top state for business for the eighth year in a row. By working together to put hardworking Georgians first, we’ll continue to make Georgia the best state to live, work, and raise a family.”
According to the press release, Fitch, Moody’s, and S&P cited the strength of Georgia’s economy with a positive employment trend, growth of the state’s rainy day fund, a balanced approach to primary revenue sources, and consistent funding of obligations as factors contributing to AAA ratings.
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Chris Butler is an investigative journalist at The Georgia Star News and the Star News Network. Follow Chris on Facebook. Email tips to [email protected].
Photo “Brian Kemp” by Brian Kemp. Background Photo “Georgia Capitol” by DXR. CC BY-SA 4.0.
