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JAMES H. DOUGLAS
GOVERNOR
State of Vermont
OFFICE OF THE GOVERNOR
For Immediate Release:
Monday, February 05, 2007
Contacts: Treasurer Jeb Spaulding, (802)
828–1452
Jason Gibbs, Office of the Governor, (802) 828-3333
Governor
Douglas, Treasurer Spaulding Announce Triple-A Bond Rating
Montpelier, Vt. – Governor Jim Douglas and State Treasurer Jeb
Spaulding today announced Moody’s Investor Services has upgraded Vermont’s bond rating
to triple-A, the highest credit worthiness rating available.
Governor Douglas said Vermont,
which has not had a triple-A rating from Moody’s since 1972, is now one
of only 11 states with a triple-A rating by one or more of the major credit
rating agencies.
“A higher rating makes our bonds more attractive to investors,
lowers our costs and saves taxpayer money,” the Governor said. “Getting
to this point has required a tremendous amount of cooperation and planning by both
the executive and legislative branches. It also required a healthy dose of
good old-fashioned Vermont
frugality.”
According to State Treasurer Spaulding, “The triple-A rating can
be expected to reduce the State’s borrowing costs and, over the years,
save taxpayers millions of dollars in interest costs that can be better spent
on pressing needs or returned to taxpayers. In addition, this will enhance our
economic development efforts because companies are attracted to states with a
reputation for solid and stable financial management.”
Moody’s draft statement announcing the upgrade credited Vermont’s history
of financial management, our manageable debt profile – including ongoing
efforts to properly fund our pension systems – and a stable, diversifying
economy.
“While we celebrate this important milestone, we must remind
ourselves what it took to get here and what it will take to stay here,”
the Governor added. “We must continue to maintain our commitment to
fiscal responsibility and conservative debt management.”
###
Jason
Gibbs
Governor’s
Communications Director
109
State Street ¨ The Pavilion ¨ Montpelier,
VT 05609-0101 ¨ www.vermont.gov/governor
Telephone: 802.828.3333 ¨ Fax: 802.828.3339 ¨ TDD: 802.828.3345