BOISE – Governor Brad Little commented on the announcement Friday from Fitch Ratings, one of the three big credit rating agencies in the country, that it affirmed Idaho’s AAA credit rating, the highest level a state can receive. Only a handful of states achieve the AAA credit rating annually.
“Thanks to our diligent and unrelenting focus on reining in state spending and saving healthy amounts for rainy days, Idaho has maintained the AAA rating from Fitch for four straight years, and I am very proud. The rating means we’ll save Idaho taxpayers millions of dollars on future projects. This is what good government is all about. I appreciate my partners in the Legislature for sharing my passion for maintaining a lean state budget and stable rainy-day funds. Our partners in the private sector, too, have done a tremendous job propelling Idaho’s economy forward,” Governor Little said.
The Fitch announcement noted, “Idaho’s ‘AAA’ IDR reflects the state’s broad powers over spending and revenues, strong reserve levels, low long-term liability burden, and expected solid long-term economic growth. Fitch believes the state is well positioned to absorb multiple rounds of recent tax cuts and dedicated spending allocations from the general fund, given Idaho’s prudently managed budget with significant one-time spending that rolls off to create fiscal capacity.”
The report also noted Idaho’s long-term liability burden is expected to remain low, even with huge investments in the transportation bond program and a new school facilities program championed through House Bill 521 earlier this year. The report notes Idaho’s strengths in fostering a diversifying, growing economy and implementing sound financial management and conservative budgeting.