(Media release from the Office of Governor Brian Kemp):
At the start of an international trip to promote the No. 1 state for business and further job creation in Georgia, Governor Brian P. Kemp on Tuesday announced that S&P Global Ratings reaffirmed its “AAA with a stable outlook” assessment for the state’s credit worthiness. Because the state did not issue new general obligation bonds for the current fiscal year, the other two main credit rating agencies — FitchRatings and Moody’s Investors Service — did not issue formal reports for Georgia’s bond ratings. The prior year, both agencies gave Georgia the highest possible ratings in their analyses of the state’s credit worthiness.
“Once again Georgia’s responsible, conservative approach to budgeting has allowed our state to receive affirmation of the highest possible bond rating,” said Governor Brian Kemp. “In the face of economic uncertainty on the national level due to bad policies coming out of Washington, D.C., I could not be more proud of our shared focus with the legislature on careful budgeting and maintaining a strong economic development pipeline that keeps Georgia a safe bet for any and all job creators.”
S&P cited the strength of Georgia’s economy with a positive employment trend, strong budgetary performance and high reserves levels, a demonstrated willingness to make politically difficult decisions, a balanced approach to primary revenue sources, and consistent funding of obligations as factors contributing to their rating scores.
Read the full report here.