Georgia Maintains AAA Bond Rating
|Thursday, August 5, 2004||
Contact: Office of Communications 404-651-7774
ATLANTA, GA - Governor Sonny Perdue announced today that Georgia is maintaining its AAA bond rating according the nation's major bond rating agencies - Standard & Poor's, Moody's, and Fitch Ratings.
"The bond markets have affirmed their faith in Georgia's ability to manage our financial resources effectively and conservatively," said Governor Sonny Perdue. "The market's support will enable us to better sell our state to prospective business partners looking to grow or relocate their businesses."
According to Standard & Poor's (S&P), the state's rating "reflects the full faith, credit, and taxing powers of the state." S&P also cited:
- The state's diverse economic base...which has lead to strong economic growth despite increased vulnerability during business cycles;
- The state's history of making difficult decisions to restore fiscal balance enhanced by strong financial monitoring and oversight;
- Revenue growth recovery by the end of fiscal 2004 and a reasonably balance(sic) 2005 budget, offsetting weakened financial operations and reserve levels; and
- A low debt burden.
In affirming the AAA rating, Fitch Ratings said " Georgia's superior credit standing results from excellent debt policies, past growth and potential for future development."