EarRelevant Staff | 13 JUN 2023
Atlanta, GA— Georgia Governor Brian P. Kemp announced today that the state has again secured the highest ratings of AAA with a stable outlook from each of the three leading credit rating agencies: Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings. Of the states that issue general obligation bonds, only nine currently meet this standard.
According to the Governor’s office, Georgia’s upcoming sale of general obligation bonds will fund $754 million in capital projects and, if interest rates permit, refund outstanding bonds to achieve debt service savings on a portion of the state’s outstanding debt. A majority of the bond proceeds will fund K-12 education, higher education, public safety, and economic development projects.
Each credit rating agency’s ratings, AAA, Aaa, and AAA, respectively, are the highest possible and indicate sound fiscal management. The state’s AAA ratings will enable it to sell its bonds at the lowest possible interest costs when it takes bids on June 22.
The bond rating reports from Fitch, Moody’s, and S&P all cited the following as factors contributing to AAA ratings:
- the strength of Georgia’s economy with a positive employment trend
- full funding of the state’s “rainy day” reserves
- a balanced approach to primary revenue sources
- consistent funding of obligations
“Today’s news further underscores that the Peach State remains the best place to live, work, and raise a family,” said Kemp. ■
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