Three major credit rating agencies are giving the state of Georgia the highest credit rating possible.
“These ratings enable us to save taxpayers millions of dollars each year with low interest rates for borrowing, and they highlight the strength of our workforce and stability of our state economy,” said governor Brian Kemp.
Today, Moody’s Investors Service and S&P Globing Ratings gave Georgia a score of AAA, while FitchRatings scored a Aaa.
“Georgia’s AAA Issuer Default Rating reflects the state’s proven willingness and ability to maintain fiscal balance and a broad-based, growth-oriented economy that supports solid revenue gains over time,” FitchRatings stated in its analysis.
Georgia’s high bond rating comes after three consecutive months of decreasing state tax revenues. However, experts suggest the state is still expected to close out fiscal 2023 at the end of this month with a surplus.
“The state is well positioned to deal with economic downturns with exceptionally strong gap-closing capacity due to is broad control of revenue and spending, coupled with prudent reserve-building practices,” FitchRatings continued.
The state of Georgia is also expected to take out $671 million in bonds for capital projects on June 27.
The majority of the proceeds from the bonds will go toward K-12 schools, higher education, public safety and economic development projects. For more information, click here.
