Governor & Treasurer Announce Utah Retains AAA Bond Rating
June 28, 2013
SALT LAKE CITY – Utah Governor Gary R. Herbert and Treasurer Richard K. Ellis announced today the affirmation of the State’s AAA general obligation bond rating by all three bonding agencies – Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings. Utah is one of only nine states to earn a AAA bond rating by all three of the rating agencies, also known as a “triple-triple” rating.
“Utah’s consistent triple-triple rating is evidence of Utah’s deep-rooted commitment to fiscal discipline and budgetary restraint,” said the Governor. “Utah is indeed fortunate to belong to an elite group of states that continues to lead the nation in economic growth and stability.”
“All three agencies offered a clear message,” Treasurer Ellis said. “Utah exemplifies proper fiscal management and economic strength.”
Utah’s history of AAA bond ratings dates back to 1965 when Standard & Poor’s initiated its rating system. The State’s AAA rating with Moody’s dates back to 1973, and the Fitch Ratings date back to 1992.
The rationale for Utah’s ratings includes:
- Economy growth and diversity.
- Conservative debt and fiscal policies keeping debt levels at a moderate rate.
- Timely action when addressing budgetary imbalances.
- A history of taking action to close budgetary gaps and prioritized building reserves.
- Successfully managed capital spending, especially for education and transportation.