Quantcast

Missouri’s AAA credit rating helps save state $4.8 million in bo - KOAM TV 7

Missouri’s AAA credit rating helps save state $4.8 million in bond refinancing, Gov. Nixon announces

Updated:
NEWS RELEASE ISSUED OCTOBER 2, 2013 BY THE OFFICE OF MISSOURI GOVERNOR JAY NIXON

Missouri’s AAA credit rating helps save state $4.8 million in bond refinancing, Gov. Nixon announces

Top credit-rating agencies credit Governor’s sound financial management and discipline in giving Missouri their highest marks

JEFFERSON CITY, Mo. – Gov. Jay Nixon announced today that the State of Missouri will save a total of $4.8 million through bond refinancing made possible by the state’s strong fiscal discipline and spotless AAA credit rating.

The State Board of Public Buildings today gave final approval on the refinancing of the Special Obligation Refunding Bonds, Series A 2013. The refinancing will save the state $900,000 in the current fiscal year, and $4.8 million over the life of the bonds. So far this year, the state has issued three series of refunding bonds, for a total savings of $15.6 million.

“Once again, we are seeing the benefits of Missouri being given the highest marks by the three top credit rating agencies,” Gov. Nixon said. “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.”

Last week, all three leading credit rating agencies – Moody’s, Fitch Ratings and Standard & Poor’s – confirmed Missouri’s perfect AAA credit rating and cited the constitutional authority of the Governor to rein in spending and keep the budget in balance throughout the year.

Standard & Poor’s Rating Services wrote that “the ‘AAA’ GO rating on Missouri reflects our view of the state’s very strong budget management framework, including substantial statutory budget flexibility to maintain strong reserves and structural budget balance.” S&P noted Missouri’s “strong and diverse economic base; very strong budget management framework; strong reserves;” and “moderate debt burden.”

Moody’s Investors Service wrote that Missouri’s perfect rating “is based on its history of excellent financial performance and sound reserve levels, strong fiscal management controls, and the state’s moderate debt burden.” Moody’s went on to note that Missouri’s “constitution provides strong executive powers to respond to revenue shortfalls, including the ability to reduce spending to below appropriated levels.”

Fitch Ratings wrote that “Missouri has a long record of conservative operations and has consistently displayed a willingness and ability to support fiscal balance. The state’s financial flexibility and liquidity position remain healthy, supported by strong revenue performance in fiscal 2013 and reserves that remain fully funded throughout the recession.”

On Tuesday (Oct. 1), the Missouri Supreme Court unanimously rejected a challenge to the Governor’s constitutional authority to keep the budget in balance.

###

  • Local NewsMore>>

  • Light of Unity

    Light of Unity

    Sunday, October 22 2017 10:47 PM EDT2017-10-23 02:47:56 GMT

    Local residents of various religious beliefs came together to celebrate their shared values Sunday. 

    More >>

    Local residents of various religious beliefs came together to celebrate their shared values Sunday. 

    More >>
  • Dogs Focus of Display at ArtCentral

    Dogs Focus of Display at ArtCentral

    Sunday, October 22 2017 10:54 PM EDT2017-10-23 02:54:42 GMT

     A Webb City artist's creativity in  oil paint and water colors is on display in Carthage.  The works of Michael Steddum  called Unleashed! Dog Show are being shown through  November 12th. 

    More >>

     A Webb City artist's creativity in  oil paint and water colors is on display in Carthage.  The works of Michael Steddum  called Unleashed! Dog Show are being shown through  November 12th. 

    More >>
  • Dinner for the Kids

    Dinner for the Kids

    Sunday, October 22 2017 10:28 PM EDT2017-10-23 02:28:31 GMT

    The Children's Advocacy Center in Pittsburg held its annual fundraising dinner at the Memorial Auditorium Sunday night. 

    More >>

    The Children's Advocacy Center in Pittsburg held its annual fundraising dinner at the Memorial Auditorium Sunday night. 

    More >>
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by WorldNow All content © Copyright 2000 - 2017 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.