BREAKING NEWS: Moody's Investors Service just upgraded Arizona's credit rating again...
Hello,
BREAKING NEWS: Moody's Investors Service just upgraded Arizona's credit rating again — making Arizona the only state in the nation to earn TWO Moody's ratings upgrades since 2015.
This is yet another sign of Arizona's booming economy and a testament that Arizona's fiscally conservative policies ARE WORKING. Arizona is quickly becoming a model for the nation:
* We've added more than 300,000 new private-sector jobs since 2015.
* We've balanced the budget — going from a $1 billion budget deficit to a $1 billion surplus to now $1 billion in the Rainy Day Fund.
* We've paid off debt, simplified and lowered taxes, rolled back burdensome regulations and held the line on spending.
Read more in the Arizona Republic:
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** Strong Economy Leads To Upgrade In Arizona's Credit Rating ([link removed])
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A solid and increasingly diversified economy, along with prudent budget policies, have led to an upgrade in Arizona's credit rating.
Rating agency Moody's Investors Service said it expects Arizona's economy "will continue to perform positively and that the state will maintain ample reserves" in boosting Arizona's rating to the second highest notch.
Moody's rates states on a 21-grade scale, from C at the low end to Aaa at the top. Arizona now has the second highest rating, at Aa1, up from Aa2 previously. The increase means the state could benefit from slightly lower interest rates when selling bonds or issuing other debt. Arizona has about $1.5 billion in state-issued bonds and similar instruments that have been evaluated by Moody's.
Arizona’s rating has improved two times since the last downgrade in July 2010, near the depths of the recession, Moody's said.
Fifteen states have top Aaa ratings. Arizona joins 17 other states one notch below that. Arizona's most recent upgrade was in 2015.
"Today’s rating boost is further validation that Arizona is going in the right direction — and that smart policies do matter," Gov. Doug Ducey said in a prepared statement.
Ducey cited employment growth, a balanced state budget, debt reductions and a rising balance in the Rainy Day Fund in responding to the Moody's announcement.
Moody's said the favorable rating reflects a combination of economic growth, increases in reserves and the paying down of an "already-low debt burden."
In addition, Arizona has become more diversified in recent years, especially away from construction, and the state's pension liabilities are comparative low, Moody's said.
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