Moody’s Investor Services has upgraded Ohio’s credit issuer rating to “Aaa” from “Aa1” and revised the state’s financial outlook from “stable” to “positive.”
The financial services company said it upgraded the Buckeye State’s credit rating based on its “continuing trend of very strong financial management, improving reserves and liquidity, low and declining leverage and a state economy that is poised for diversification and growth despite lagging demographic trends.”
➡ @MoodysInvSvc has upgraded Ohio's rating to Aaa. This is strong external validation that our strategy is delivering results for our state. Ohio is the heart of it all, and I am proud that our record shows we are the best state to live, grow or start a business, and raise a… pic.twitter.com/1KOgGxpPpB
— Governor Mike DeWine (@GovMikeDeWine) December 1, 2023
Ohio Governor Mike DeWine championed the state’s upgraded credit rating, saying in a statement, “Moody’s decision to upgrade Ohio’s rating to ‘Aaa’ is strong external validation that our strategy is delivering results for Ohio. Ohio is the heart of it all, and I am proud that our record shows we are the best state to live, grow or start a business, and raise a family.”
The state’s upgraded credit rating comes one year after Moody’s elevated Ohio’s credit outlook to positive and Fitch Ratings upgraded the State Issuer Default Rating to “AAA.”
Ohio Lieutenant Governor Jon Husted said the state’s upgraded credit rating is “proof” that the Buckeye State is “fiscally strong and expertly managed.”
“Ohio’s economy and the state’s financial footing are both stronger than ever before and we will keep building on our winning record into the future. This is the most success that Ohio has achieved in decades and our progress is built on careful, intentional planning that is paying off,” Husted added.
Moody’s also upgraded Ohio’s general obligation bonds including the GO highway program to “Aaa” from “Aa1”; lease appropriation debt and certificates of participation (COPs) to “Aa1” from “Aa2”; the Ohio Community and Technical College Credit Enhancement and Ohio School District Credit Enhancement programs to “Aa1” from “Aa2”; and the rating on the Ohio Department of Transportation (ODOT) Federal Grant Anticipation Program’s outstanding Major New State Infrastructure Project bonds, also known as GARVEE bonds, to “Aa1” from “Aa2.”
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Kaitlin Housler is a reporter at The Ohio Star and The Star News Network. Follow Kaitlin on X / Twitter.
Photo “Gov DeWine” by Gov Mike DeWine.
