Moody’s: Florida Now Earns Highest Credit Rating
By: Florida Chamber of Commerce
Originally Published in Florida Politics
Some good news for Florida’s credit ratings emerged Thursday, with upgrades across the board from Moody’s seemingly vindicating Gov. Rick Scott‘s approach to financial management.
Per a media release: Moody’s upgraded the state one notch from Aa1 to Aaa, with a stable outlook for the best rating possible, despite what is called an “aging population.”
“Florida’s general obligation debt upgrade to Aaa reflects a sustained trend of improvement in its economy and finances, low state debt and pension ratios, and reduced near-term liability risks via the state-run insurance companies. Florida’s economy is performing strongly in terms of job growth, and long-term growth prospects are favorable despite the challenges posed by an aging population base.”
Florida joins 14 other states with an Aaa rating. Scott has repeatedly asserted that under his watch, Florida shed $9 billion of debt ($5.5 billion in general debt, and $3.5 billion from the repayment of an unemployment compensation loan from 2009).