Gov. Kemp: Georgia's AAA Bond Rating Reaffirmed by Rating Agencies

ATLANTA ~ In a recent announcement, Governor Brian P. Kemp proudly declared that Georgia has once again received the highest ratings of AAA from all three main credit rating agencies: FitchRatings, Moody's Investors Service, and S&P Global Ratings. This reaffirmation of the state's financial trustworthiness comes just a week after Moody's released their report.

Governor Kemp attributed this achievement to Georgia's resilient economy and commitment to conservative budgeting. He stated, "I am proud to report that thanks to our state's resilient economy and commitment to conservative budgeting, Georgia has once again secured the highest bond rating possible from all three main credit rating agencies." He also highlighted how this rating makes Georgia an attractive destination for job creators, leading to record investments and economic development.

This is the second consecutive year that Georgia has not issued general obligation bonds and instead funded capital projects with cash. This decision has resulted in an estimated net savings of $2.81 billion over a 20-year period.

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The reports from each of the credit rating agencies further support Governor Kemp's statement. Fitch Ratings affirmed Georgia's 'AAA' IDR (Issuer Default Rating), GO (General Obligation) and guaranteed revenue bond ratings, citing the state's proven ability to maintain fiscal balance and a strong economy that supports steady revenue growth.

Moody's Investors Service also reaffirmed Georgia's Aaa issuer rating, highlighting the state's large and diverse economy, strong population and employment growth, robust reserves and liquidity, strong fiscal governance, flexibility, and low debt levels.

S&P Global Ratings echoed similar sentiments in their report stating that Georgia's 'AAA' long-term rating reflects their view of the state's resilient budgetary performance across credit cycles. They also noted Georgia's favorable population growth trends and ability to attract diverse business developments as contributing factors to their decision.

Governor Kemp believes that this high bond rating will result in significant savings for taxpayers in the years to come. He stated, "Georgia is well-positioned to save taxpayers tens of millions of dollars with low interest borrowing rates in the years to come."

This reaffirmation of Georgia's AAA bond rating is a testament to the state's strong financial management and commitment to responsible budgeting. With a stable outlook and a thriving economy, Georgia continues to be a safe and stable bet for investors and job creators alike.

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