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Utah one of 9 states to earn 'triple-triple' bond rating

Published: Friday, June 28 2013 11:29 a.m. MDT

Gov Gary Herbert is interviewed at the Capitol in Salt Lake City, Monday, Feb. 4, 2013. Utah is one of only nine states to earn a AAA bond rating by all three of the rating agencies

Ravell Call, Deseret News

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SALT LAKE CITY — The Utah Governor's Office announced Friday that Utah has received a AAA general obligation bond rating by all three bonding agencies — Standard & Poor’s, Moody’s Investors Service and Fitch Ratings.

Utah is one of only nine states to earn a AAA bond rating by all three of the rating agencies, known as a “triple-triple” rating.

Utah’s history of AAA bond ratings dates back to 1965 when Standard & Poor’s initiated its rating system. The state’s AAA rating with Moody’s dates back to 1973, and the Fitch Ratings date back to 1992.

“Utah’s consistent triple-triple rating is evidence of Utah’s deep-rooted commitment to fiscal discipline and budgetary restraint,” said Gov. Gary Herbert. “Utah is indeed fortunate to belong to an elite group of states that continues to lead the nation in economic growth and stability.”

The rationale for Utah’s ratings included economy growth and diversity; conservative debt and fiscal policies keeping debt levels at a moderate rate; timely action when addressing budgetary imbalances; a history of taking action to close budgetary gaps and prioritized building reserves; and successfully managed capital spending, especially for education and transportation.

“All three agencies offered a clear message,” said state treasurer Richard Ellis. “Utah exemplifies proper fiscal management and economic strength.”

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