Treasurer David McRae today announced the State has reaffirmed its credit rating and outlook with Standard and Poor’s (AA/Stable), Moody’s Investors Service, Inc. (Aa2/Stable), and Fitch Ratings (AA/Stable).
“I am incredibly proud to report that even amid the economic chaos of 2020 Mississippi is well positioned to get our bills paid on time,” said McRae. “Because of our strong budgetary controls and responsibly managed rainy day fund, credit rating agencies have rewarded taxpayers, maintaining our strong credit ratings across the board and ensuring we continue to have access to advantageous financing.”
In the Fitch Ratings’ report, it was noted that Mississippi has “strong control over spending and maintenance of reserves” regarding operating performance. Also noted by Fitch is that “Mississippi has strong financial resilience that should allow it to absorb the immediate budgetary effects of the economic downturn, based on its strong budgetary controls, a $556M rainy day fund, and access to CARES Act funds for additional spending related to the pandemic.” (emphasis added)
Release from State Treasurer David McRae.