ATLANTA — Gov. Brian Kemp's office said Friday the state had maintained its AAA rating with each of the three main ratings services, which will allow the state to sell its bonds at the lowest possible interest costs in an upcoming sale.
According to the governor's office, Georgia's credit was rated AAA by each of Fitch, Moody's and S&P, with a stable outlook from each service.
The state is preparing for a general bond sale that the governor's office said will fund more than $1.1 billion in capital projects. Of the states that issue general obligation bonds, the governor's office said, only nine are rated AAA along with Georgia.
S&P in particular was optimistic about Georgia's ability to weather the coronavirus pandemic and its economic fallout, saying, "In our opinion, Georgia’s economy should be among the more resilient given its level of employment diversification that mirrors the nation."
Fitch's report also noted that Georgia's rating "reflects the state's conservative debt management, proven willingness and ability to maintain fiscal balance and a broad-based growth-oriented economy that supports revenue growth over time."
“This announcement is great news for Georgia, demonstrating our ongoing commitment to fiscal balance and ensuring we can meet our present and future obligations, even as we combat the COVID-19 pandemic’s significant effects on the health of Georgians and the state’s economy," Gov. Kemp said in a release. "Building on the efforts of past governors and legislatures, I am proud that Georgia’s economy and fiscal health continue to show resilience in these unprecedented times. This recognition is why the State’s bonds are highly attractive to investors, and as a result, enables the state to save taxpayers millions of dollars each year with low interest rates for borrowing."
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