Home » NEWS » Banking & Finance » Fitch rates state bonds 'AA'

Fitch rates state bonds 'AA'

JACKSON — Fitch Ratings has assigned “AA” ratings to the following State of Mississippi (the state) general obligation (GO) bonds: $340.375-million taxable GO bonds, series 2009D; $120-million taxable GO bonds, series 2009E; $64.145-million GO refunding bonds, series 2009F; and, $98.3-million GO Build America Bonds, series 2009G (Direct Payment – Federally Taxable).

Additionally, Fitch has affirmed the “AA” rating on the state’s approximately $3.4 billion of outstanding GO bonds. The Rating Outlook is “stable.”

Fitch wrote, in part: “The ‘AA’ rating and stable outlook are based on the state’s solid reserve levels, diversifying economy and historically conservative borrowing and financial practices tempered by low wealth and education levels.

“Mississippi experienced employment growth in the first half of 2008, though a reversal mid-year led to an annual decline of 0.5 percent, slightly worse than the national decline of 0.4 percent. The important casino industry is also experiencing employment contraction.

“First quarter 2009 data shows state growth exceeding regional and national levels. Per capita personal income in 2008 of $29,569 is just 74 percent of the U.S. level, ranking Mississippi 50th among the states.”


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *