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S&P reaffirms state's AAA credit rating

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Global credit-rating agency Standard & Poor's has reaffirmed Missouri's AAA credit rating, according to an Aug. 23 news release from the governor's office.

The rating applies to general obligation bonds issued by the state and helps to keep interest rates lower for school districts, local governments and public bodies conducting major projects.

“This rating demonstrates, once again, the fiscal soundness of Missouri state government,” Gov. Jay Nixon said in the release. “We’ve maintained a tight financial discipline on spending, even as we have faced some of the worst natural disasters in our state’s history in the past year."

According to S&P, a AAA rating - the agency's highest - represents "extremely strong capacity to meet financial commitments."

In early August, S&P lowered the U.S. credit rating to AA+ from AAA due in large part to the raising of the debt ceiling and the public debt burden, according to a separate news release from S&P.

In July, Springfield received an improved credit rating on Moody's ranking system to Aa1 after holding an Aa2 rating since 1998, according to Springfield Business Journal archives.

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