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

ATLANTA - Governor Brian P. Kemp today announced that Georgia has again had the highest ratings of AAA reaffirmed with a stable outlook by each of the three main credit rating agencies: FitchRatings, Moody's Investors Service, and S&P Global Ratings. This follows last week's release of Moody's reaffirmation of this coveted level of financial trustworthiness.

"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," said Governor Brian Kemp. "Georgia continues to be a safe and stable bet for job creators. That's why we continue to see record investment and economic development, and it's one of the many reasons we are well-positioned to save Georgia taxpayers tens of millions of dollars with low interest borrowing rates in the years to come."

For the second year in a row, Georgia has not issued general obligation bonds and has instead funded capital projects with cash, generating a net estimated savings of about $2.81 billion over a 20-year period.

Bond Rating Agency Report Excerpts

Fitch Ratings: "Georgia's affirmed 'AAA' IDR, GO and guaranteed revenue bond ratings reflect 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."

Moody's Investors Service:"Georgia's Aaa issuer rating reflects the state's large and diverse economy, strong population and employment 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.

The rating also incorporates our view of the state's favorable population growth trends, and ability to attract diversified business developments and expansion within Georgia's already large and diverse economic base, and our expectation that the state's annual growth rates will match or be slightly above that of the nation."