Brian Kemp Makes Big Announcement About Georgia's Economy

Governor Brian Kemp recently made a big announcement about the economy in Georgia...

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Governor Brian Kemp recently announced that Georgia received AAA ratings with a stable outlook from all three major credit rating agencies.

"I am proud Georgia's responsible, conservative approach to budgeting has again allowed our state to secure the highest possible bond rating," said Governor Brian Kemp. "In the face of economic uncertainty on the national level due to bad policies coming out of Washington, D.C., our shared focus with the legislature on careful budgeting and strong economic development pipeline means Georgia will be a safe bet for job creators for years to come."

"These ratings enable us to save taxpayers millions of dollars each year with low interest rates for borrowing and they highlight the strength of our workforce and stability of our state economy," Governor Kemp continued. "They also serve as the latest reminder of the results we are delivering every day to hardworking Georgians."

Georgia's upcoming sale of general obligation bonds will fund $671 million in capital projects while also refunding outstanding bonds to achieve debt service savings on a portion of the state's outstanding debt if interest rates allow. According to a press release from the Governor's office, the majority of the bond proceeds will go toward K-12 education, higher education, public safety, and economic development projects.

"Georgia's AAA Issuer Default Rating reflects the state's proven willingness and ability to maintain fiscal balance and a broad-based, growth-oriented economy that supports solid revenue gains over time," according to FitchRatings, a bond rating agency. "Growth in population and jobs has outpaced the nation over several decades, driving steady economic gains, and providing a solid foundation for future growth. The state is well positioned to deal with economic downturns with exceptionally strong gap-closing capacity due to its broad control over revenues and spending, coupled with prudent reserve-building practices."

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