Three independent rating agencies reaffirmed Missouri’s AAA credit rating.
Standard & Poor's Ratings Services, Moody’s Investors Service and Fitch Ratings each gave the Show-Me State the highest marks, according to a news release.
“Missouri’s credit rating has been reaffirmed with the highest possible rating because of our commitment to fiscal discipline,” Gov. Jay Nixon said in the release.
The state’s AAA rating has been reaffirmed 25 times since Nixon took office in early 2009. Neighboring states Illinois and Kansas have been downgraded, according to the governor’s office.
The ratings apply to general obligation bonds issued by the state and help keep interest rates lower for school districts, municipalities and public institutions that borrow money for major projects.
Comments from the credit agencies:
• Standard & Poor’s: “Missouri’s record of taking mid-year corrective budget measures has helped make its credit quality resilient to episodes of weaker-than-forecasted economic and revenue performance.”
• Moody’s: “Missouri’s historically conservative financial practices reflect, in part, the executive’s ability to control allotment of appropriated funds during the course of the year. This allotment power provides the state with a strong tool to react to budget shortfalls.”
• Fitch: “Missouri remains extremely well-positioned to deal with economic downturns, with very strong gap-closing capacity in the form of its control over revenues and spending and a demonstrated willingness to take timely budgetary action.”
