In spite of the challenges presented by the COVID-19 pandemic, Delaware was able to maintain its AAA bond rating.
“The highest rating, triple-A, is granted to states that are best able to meet debt obligations during periods of recession or fiscal stress,” according to a press release from the Delaware Department of Finance. “The higher a state’s credit rating, the lower its cost to repay bonds.”
According to the press release, this round of rating reviews from Wall Street firms like Fitch Ratings, Moody’s Investors Service and Standard & Poor’s Global Ratings precedes a competitive-bid bond sale Wednesday, which is intended to fund the state’s ongoing capital program, as well as re-fund previous bonds for debt-service savings.
“I want to thank state employees and the General Assembly,” Gov. John Carney said. “Our commitment to responsibly managing the state’s spending has provided the financial resilience needed for Delaware to weather the COVID emergency. The continuing strong support of our president and congressional delegation combined with the resiliency of all Delawareans and our business community will ensure we emerge from this pandemic stronger than ever.”