Gov. Kemp: Georgia Maintains Highest Possible Bond Ratings

ATLANTA ~ In a recent announcement, Governor Brian P. Kemp proudly declared that Georgia has once again achieved the highest credit ratings from all three major credit rating agencies: Fitch Ratings, Moody's Investors Service, and S&P Global Ratings. These ratings, which are AAA, Aaa, and AAA respectively, reflect the state's strong financial position, conservative fiscal management, and long-term economic resilience.

Governor Kemp credited the state's success to its commitment to keeping government small and controlling spending. Despite pressure from liberal politicians to increase spending, Georgia has maintained its conservative approach and has been rewarded with these coveted ratings. The governor emphasized that these ratings not only benefit job creators but also taxpayers.

After two years of using cash to fund over $3.5 billion in capital projects, Georgia is now returning to the capital markets with a general obligation bond sale of approximately $1.5 billion. This sale will provide funding for various projects throughout the state including public safety initiatives, K-12 education, higher education, and economic development.

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The majority of the bond proceeds will go towards financing these important projects while also allowing for potential debt service savings through refunding a portion of the state's outstanding debt. The sale is scheduled for June 24th and thanks to Georgia's AAA ratings, the state will be able to secure low-interest costs.

The reports from each credit rating agency highlight Georgia's strong financial standing and responsible management practices. Fitch Ratings noted that the state has a proven track record of maintaining fiscal balance and a diverse economy that supports steady revenue growth. Moody's Investors Service praised Georgia's large and diverse economy, strong population growth, robust reserves and liquidity, as well as its low direct leverage from debt.

S&P Global Ratings also commended Georgia for its resilient budgetary performance across credit cycles and responsive financial management which has allowed for timely adjustments to general fund expenditures. They also noted that the state's significant flexibility and additional liquidity will help it navigate any potential economic or budgetary disruptions, solidifying Georgia's long-term credit stability.

With these impressive ratings, Georgia is well-positioned to continue its economic growth and provide essential services to its citizens. As other states struggle with budget shortfalls and proposed tax increases, Georgia stands out as a beacon of financial stability and resilience. Investors can be confident in the state's future, and Georgians can take pride in their strong economy.

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