Vermont’s strong credit rating was also reaffirmed by the major rating agencies
Vermont Business Magazine Today, Treasurer Pieciak announced that nearly $60 million of Vermont Citizen Bonds will be offered for sale on December 4, 2025. Proceeds from the bonds will support capital needs including infrastructure, climate resilience, and housing.
In connection with the offering, the State’s credit ratings were also reaffirmed by S&P Global Ratings (AA+), Fitch Ratings (AA+), and Moody’s (Aa1). The ratings underscore Vermont’s strong financial health, ensuring lower borrowing costs to the state.
“Maintaining our strong credit rating will lower costs for taxpayers and make it more affordable to invest in Vermont's future,” said Treasurer Pieciak. “As Vermonters work harder than ever to make every dollar count, our office will continue working with the Administration and the Legislature to keep the State's finances on a positive track.”
Rating agencies attributed Vermont’s strong financial outlook to its robust reserves, healthy cash balances, and stable revenues. Recent actions taken by the Legislature to reduce the State’s pension liabilities and invest in flood resilience also contributed to the strong ratings.
Despite this progress, rating agencies highlighted Vermont’s demographic trends and the cost of living as risks to the State’s credit rating. Pieciak emphasized that more housing will be critical to addressing these challenges.
“Housing is the key to tackling Vermont’s affordability crisis and unlocking our economic potential,” said Pieciak. “We will continue our work to lower the cost of housing, drive down inflation, strengthen our workforce, and make Vermont more affordable.”
Vermont residents and businesses will be given first priority to the Citizen Bonds on December 4, 2025. Maturities will range from one to 20 years. Bonds may be purchased in $1,000 increments and must be transacted through a registered broker or dealer. The Treasurer’s Office does not sell the bonds.
Morgan Stanley will serve as senior managing underwriter for the Citizen Bond sale, with Raymond James as the co-manager. The selling group will include Academy Securities, Bank of America, Blaylock Van, Stifel, Drexel Hamilton, Jefferies, Mesirow Financial, Oppenheimer, Piper, Rockfleet, and Sandler.
The State additionally plans to issue 2025 Series B Refunding Bonds through a competitive sale on December 2, 2025. The bonds will refinance existing debt at lower interest rates and primarily target institutional investors rather than the general public.
For more information on the Bonds, please review the Preliminary Official Statement. Under no circumstances should this announcement of bond issuance be considered an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of the bonds in any jurisdiction in which such offer, solicitation, or sales would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Bonds may only be purchased through a broker-dealer and in conjunction with review of the Preliminary Official Statement.
12.2.2025. Montpelier, VT – Treasurer
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