Moody’s upgrades Arizona’s credit rating to second-highest level
PHOENIX – A municipal credit rating company upgraded its outlook on Arizona to the state’s highest level ever Monday.
Moody’s Investor Services elevated Arizona’s rating from Aa2 to Aa1, the second-highest possible mark.
“Today’s rating boost is further validation that Arizona is going in the right direction — and that smart policies do matter,” Gov. Doug Ducey said in a press release.
“Across our state, these policies are making a difference. Jobs are growing. Our budget is balanced. We are paying down debt.”
From a $1B deficit 5 years ago, to a $1B surplus today AND $1 billion in the Rainy Day Fund, Arizona is leading the nation when it comes to smart, fiscally conservative policies. 3/
— Doug Ducey (@dougducey) November 19, 2019
The release said Arizona is the only state to receive two upgrades from Moody’s in the past five years.
“The upgrade of the issuer rating reflects the state’s continued economic growth, the rebuilding of its reserves and the reduction to its already-low debt burden,” Moody’s said about the change.
Ducey pointed out that the state has turned a $1 billion deficit into a $1 billion surplus since 2015.