Georgia has retained its AAA bond rating, allowing the state to get low interest rates on more than $500 million worth of new borrowing for construction and other projects, Gov. Nathan Deal announced Wednesday.
Georgia is one of eight states with the top bond rating from all three rating agencies. It essentially means Georgia pays less to borrow money than states with lower bond ratings. Bond raters view Georgia as a fiscally conservative state and it has enjoyed the AAA bond rating for many years.
The state is borrowing money this year for several projects, including new equipment for law enforcement agencies, several college buildings and new schools across the state.
The state also refinanced old debt at lower rates, allowing it to save about $16 million during the fiscal year that starts July 1 and $2.9 million the next year.
"The rating is a reflection of the state's commitment to sound fiscal management," Deal said. "Retention of the top bond rating allows the state of Georgia to continue to save millions of taxpayer dollars because of the low interest rates we are able to secure."
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