Gov. Brian Kemp said Friday that Georgia has maintained a AAA credit rating from the nation’s three top agencies needed to get low interest rates on debt, despite the fiscal crunch during the coronavirus pandemic.
The governor said FitchRatings, Moody’s Investors Services and S&P Global Ratings each gave the state the high marks, enabling Georgia to sell a package of $1.1 billion in bonds for capital projects at a lower cost.
“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,” Kemp said.
The agencies highlighted Georgia’s reserve fund and recent round of budget cuts in their decisions.
“Consistent with its strong management practices, the state has taken proactive measures to align its budget to the changing economic landscape and does not rely on extraordinary federal aid or significant one-time measures for budgetary balance in fiscal 2021,” read the synopsis from S&P Global Ratings.
“In our opinion, Georgia’s economy should be among the more resilient given its level of employment diversification that mirrors the nation.”
