AAA credit ratings to save MO $4.8M

After its AAA credit rating was reaffirmed last week, Missouri is slated to save $4.8 million through bond refinancing, according to Gov. Jay Nixon.

The State Board of Public Buildings yesterday issued approval of the refinancing of special obligation bonds, a move expected to result in savings of $900,000 for the current fiscal year and $4.8 million during the life of the bonds, according to a news release.

Moody's, Fitch Ratings and Standard & Poor's again assigned their top credit ratings to Missouri last week, citing a balanced budget, strong reserves and a moderate debt burden.

“Our strict fiscal discipline and balanced budgets have meant lower interest rates and reduced principal, which in turn, has translated into millions in savings for taxpayers," Nixon said in the release.