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*For Immediate Release:    *     
October 10, 2022
          
*Contact:    *     
Cassie Nichols
[email protected]

ICYMI: Kansas Ditches Debt as it Strives for
Rating Upgrades

*"KEY QUOTE: "*""I stress with the rating agencies this is not just happenstance in Kansas," "*"[State Budget Director Adam Proffitt] said."*" "We've been on a path forward, and we've been good stewards and fiscally responsible for a number of years now."" 

 *Kansas Ditches Debt as it Strives for Rating Upgrades* [ [link removed] ] 
*"Karen Pierog | The Bond Buyer
"*October 6, 2022 


* With a stabilized budget and amid stronger-than-expected revenue growth, Kansas paid off a chunk of debt and will fund some projects with cash, saving $754 million in interest costs as it builds a case for rating upgrades.  
* The state tapped its surplus to pay down $1.6 billion of debt mostly owed to its pension system, redeemed callable bonds, and will cash fund $203 million of capital projects instead of issuing bonds, Gov. Laura Kelly announced Monday.    

* "By prioritizing fiscal responsibility, we have put Kansas back on track and ready for the road ahead," *[Governor Laura Kelly] said in a statement.*  
* State Budget Director Adam Proffitt said budget maneuvers such as delayed payments and interfund borrowing used by previous administrations have stopped, while budget reserves have grown — steps that should "warrant a pretty strong consideration of a (rating) upgrade or an outlook upgrade." 

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