(STAFF REPORTS/Chewelah Independent)
Washington State’s bond and credit rating was increased by Moody’s Investor Services from AA1 to the best rating of AAA.
“Washington has one of the strongest economies in the country, as well as a business base that has become increasingly diverse. The state also benefits from conservative financial practices and a top-notch debt management team, led by Deputy Treasurer Jason Richter. I’m thrilled that Moody’s has formally recognized the financial strength of the state with its first ever AAA rating,” State Treasurer Duane Davidson said in a press release.
This is big news for the state which has had a significant increase in financial reserves despite increasing funding given out for education. Currently the state has about $19.4 billion in outstanding general obligations. Technology continues to be a big driver of the economy.
“Not only does the Aaa rating reflect highly upon Washington’s credit, it will help ensure that when we finance schools, roads and other important projects, we do so at the lowest possible interest rates,” Davidson said.