Wednesday, May 2, 2007
Delaware Receives Triple A Bond Rating from Wall Street Again
Delaware one of only 7 states to receive outstanding distinction this year
Dover – Governor Ruth Ann Minner announced today that the state of Delaware received the highest possible credit ratings for its anticipated sale of General Obligation Bonds on May 3rd. This marks the 11th consecutive time that the Triple A bond ratings have been reaffirmed by the three major rating agencies. Delaware has maintained the highest possible rating with all three nationally recognized rating agencies during the entire term of Governor Minner and since the spring of 2000. Delaware is one of only seven states currently holding this distinction.
“I had the opportunity to sit down with each of the rating agencies and hear first hand their views on Delaware’s positive financial position,” said Governor Minner. “The resounding response I received confirmed the fact that Delaware has a fundamentally strong economy, moderate overall debt burden and excellent financial management that will lead to sustained financial operations for years to come.”
In 2001, nine states had a Triple A rating from all three credit agencies. Since then, the number has dropped to as low as six and is currently only seven. By achieving the highest rating, the state can finance more state projects, such as the construction of schools and libraries at a very low interest rate, which in turn saves the state and taxpayers money.
Secretary of Finance Richard S. Cordrey said, “The Governor and I served together in the General Assembly during the 1970s when our bond rating was at its lowest point in history. Delaware is recognized as one of the best financially managed states in the nation due to the Governor’s leadership in upholding the fiscal controls that we helped develop years ago throughout her tenure.”
Governor Minner continued, “Over the past seven years, maintaining the Triple A bond rating has been one of my top priorities. By working closely with the General Assembly, we have met our goal and positioned the state as a national model of public financial management.”
