INDIANAPOLIS (July 21, 2008) – For the first time in the state’s history, Indiana’s credit rating has been raised to AAA, the highest rating assigned by the independent credit rating agency Standard & Poor’s Ratings Service (S&P).
The upgrade from AA+, the state’s rating since January 2006, “reflects the state’s continued strong management that has led to the property tax reform that has realigned state and local spending and is not expected to impact the state’s long-term financial performance. As well, the state’s commitment to attract diverse jobs through its economic development efforts has translated into a shift away from traditional manufacturing employment,” said the credit agency.
“The experts have certified what Hoosiers know, that Indiana has turned around fiscally and is turning around economically. But our own history and the current tumbles of other states show that continued careful management is key, because it’s too easy for these gains to slip away,” said Governor Mitch Daniels.
The rating increase means, for example, that 228 of the state’s school corporations can borrow money at a lower interest rate.
More proof that Mitch is doing a great job at running this state like a business. Only nine other states have a AAA rating, Florida, Georgia, North Carolina, Delaware, Virginia, Maryland, Minnesota, Missouri and Utah.
AWB
Photo credit | Daniels Campaign
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Guess Jill Long Thompson missed THAT report, hmm?
B.G.