Citing New Hampshire's "effective management through the recession" and "a sound economy that will likely outperform the nation," the three major rating agencies maintained New Hampshire's strong credit rating this week, Governor John Lynch announced today.
Moody's Investors Service, Fitch Ratings and Standard & Poor's all affirmed New Hampshire's strong credit rating. Having a strong rating saves taxpayers' money on bonding for capital projects.
"New Hampshire's strong credit rating reflects the successful economic strategy we have in place, a strategy based on strong fiscal management and smart investments in our workers and our businesses. It's a strategy that has worked to guide us through the economic downturn, and it must be maintained and built upon if we are to strengthen our economy for the future," Governor Lynch said.
In maintaining New Hampshire's "AA+" rating, Fitch Ratings stated, "The state takes timely action to maintain budgetary balance." Analysts for Fitch also said New Hampshire has shown "economic strength and resiliency" and has maintained a conservative debt structure with "low debt levels."
Faced with declining revenues during the recession, Governor Lynch worked with state agency heads to directly manage spending in the state budget. Those actions produced a $26 million surplus for the budget that ended June 30, 2011.