WILMINGTON—Moody’s, S&P Global Ratings and FitchRatings have reaffirmed Delaware’s AAA credit rating, Gov. John Carney announced Monday.

The rating is the highest available for any state.

Last week, the state received competitive bids for the upcoming $380 million sale of triple-A rated general obligation bonds.

The state’s bonds carry the highest possible ratings assigned by the nation’s major rating services.

“Every Delaware taxpayer I’ve ever talked to expects us to spend their tax dollars in a responsible way - and rightly so,” Gov. Carney said. “I’m proud that the State continues to receive the highest marks for management of our finances. These triple-A ratings lower costs for taxpayers and sustain our ability to invest in new schools and other critical infrastructure. We’ll continue working hard, with our partners in the General Assembly, to protect taxpayer dollars.”

Ratings are assigned based on criteria that include the state’s financial performance and management, overall debt load and approach to long-term issues ranging from financial obligations to economic development trends.

The highest ratings, aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.

All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and proactive approach to tracking and forecasting revenues and expenditures throughout the year.

Moody’s reported a stable outlook for their rating, recognizing Delaware’s “strong reserves and structural governance features” as well as “lower business costs and cost of living relative to neighboring states…will help preserve a sound financial position relative to peers.”

Proceeds of the sale will fund a portion of the state’s capital program and refund previous bonds in order to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 10.

Rating reports can be found at the Delaware Department of Finance’s website at finance.delaware.gov.