S&P Global Ratings recently upgraded Pennsylvania’s outlook to positive from stable and affirmed its A+ long-term rating on general obligation bonds.
S&P cited the state’s budget management framework, its improved financial position, demonstrated ability to build reserves and progress attaining structural budgetary balance as factors that helped to improve Pennsylvania’s rating outlook to positive.
“Multiple credit rating agencies have now affirmed that our commonsense investments and sound fiscal management are setting the Commonwealth up for continued success as we work to create an economy that works for all,” Gov. Josh Shapiro said after the announcement. “My administration will strive to ensure that our fiscal outlook remains strong by working with leaders in both parties to continue making commonsense investments that support Pennsylvanians and create safer communities and healthier families, all while remaining fiscally responsible.”
Moody’s Investors Service upgraded Pennsylvania’s rating outlook from stable to positive earlier this month and reaffirmed its Aa3 issuer credit rating.
Credit ratings from S&P and Moody’s are one of many metrics of an economy’s health and stability.
In addition, the Government Finance Officers Association honored Pennsylvania with the Distinguished Budget Presentation Award for the Annual Budget for fiscal year 2023-24 and the Certificate of Achievement for Excellence in Financial Reporting.