News Release: Wyoming Maintains Highest Credit Rating

OFFICE OF GOVERNOR MATT MEAD
State Capitol
Cheyenne, WY 82002
Ph. (307) 777-7437


February 1, 2013


******FOR IMMEDIATE RELEASE******

Contact:
Renny MacKay
Communications Director
renny.mackay@wyo.gov

Wyoming Maintains Highest Credit Rating

CHEYENNE, Wyo. –  Standard & Poor’s Ratings Services (S&P) announced that Wyoming will continue to receive a AAA rating, the highest credit rating possible. S&P said the outlook for Wyoming is stable and that its financial management practices are rated as ‘Good.’

S&P made note of several points:

• The state's economic strength in recent years, with above-average population growth, lower-than-average unemployment, and above-average income levels;

• The governor's strong statutory ability to make midbiennium cuts in the event of revenue shortfalls;

• Regular consensus revenue forecasting;

• Wyoming's maintenance of large general fund balances;

• The existence of a permanent fund, whose interest earnings are available for general fund expenditures; and

• Low overall debt and other postemployment benefit (OPEB) liabilities, and a moderate pension liability.

Governor Matt Mead responded to the news saying, “Standard & Poor’s recognized Wyoming’s financial stability when it increased the state’s credit rating in May of 2011. The significance of receiving that increase and its affirmation now show Wyoming is in a very sound position and that we are a good place for companies to invest.”

State Treasurer, Mark Gordon, received the news from S&P. He said, “It is good for our state to be recognized for its fiscal discipline. It is a tribute to leadership, to the diverse and balancing parts of our economy that have contributed to its stability, and most especially to the Wyoming spirit of living within our means. This rating is important as it signals to investors how safe and solid investments in Wyoming, its municipalities, counties, and schools are.”

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