Gov. Kemp: Georgia Maintains Highest Possible Bond Ratings

ATLANTA - Governor Brian P. Kemp announced today that Georgia has again earned the highest possible credit ratings with a stable outlook from each of the three main credit rating agencies: Fitch Ratings, Moody's Investors Service, and S&P Global Ratings. The agencies' assigned ratings of AAA, Aaa, and AAA, respectively, reflect Georgia's strong financial position, sound and conservative fiscal management, and long-term economic resilience.

"Because we kept government small and held spending in check, even when liberal politicians pushed us to do the opposite, Georgia has again earned these coveted ratings that benefit both job creators and the taxpayer," said Governor Brian Kemp. "While states like California and New York deal with budget shortfalls, proposed tax increases, and shaky state economies, Georgians - and investors - can be confident in the future of our economic strength and resilience."

Following two years of funding more than $3.5 billion in capital projects with cash, Georgia is now returning to the capital markets with a general obligation bond sale totaling approximately $1.5 billion. The sale will provide approximately $848 million to finance capital projects statewide and, subject to market conditions, refund a portion of the State's outstanding debt to achieve debt service savings.

The majority of bond proceeds will support public safety, K-12 education, higher education, and economic development projects throughout Georgia. The State's AAA ratings will allow Georgia to borrow at the lowest possible interest costs when bids are received on June 24, 2026.

Bond Rating Agency Report Highlights

Fitch Ratings: "Georgia's 'AAA' Long-Term IDR reflects the state's proven willingness and ability to maintain fiscal balance and a broad-based, growth-oriented economy that supports solid revenue gains over time. The long-term liability burden is low."

Moody's Investors Service: "Georgia's Aaa issuer rating reflects the state's large and diverse economy, strong population growth, robust reserves and liquidity, strong fiscal governance and flexibility and low direct leverage from debt, pension and OPEB liabilities."

S&P Global Ratings: "The 'AAA' long-term rating reflects our view of Georgia's demonstrated resilient budgetary performance across credit cycles, coupled with responsive financial management that has enabled the state to make timely adjustments to general fund expenditures... We believe the state's significant flexibility and additional liquidity will help it navigate potential economic or budgetary disruptions, underpinning our view of Georgia's long-term credit stability."