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.”
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Fitch rates state bonds ‘AA’”
Top Posts & Pages
- DAVID DALLAS — Just how long can Dan stand?
- BILL CRAWFORD: Dan Jones not the angel he is portrayed to be
- Chancery judge delays JRA bond approval for Jackson's Westin hotel
- KILL BILL: Common Core death knell heads to Gov. Bryant's desk
- The Dan Jones-IHL saga: Is this the story that started it all?
- Keeping our eye on: Neal Stephens
- DAVID DALLAS — From Dan and Dixie with love
- Cal-Maine income skyrockets as prices rise and costs shrink
- Business groups file briefs in support of Kemper coal plant rehearing