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Statement of Governor Bob McDonnell on Meetings with Bond Rating Firms Governor, Legislators, Administration Officials


Location: New York City, NY

Governor Bob McDonnell joined legislators and administration officials today in New York City for the Commonwealth's annual meetings with Moody's Investor Service, Fitch's Ratings, and Standard and Poor's, the three major bond rating firms. Traveling with the governor today were Secretary of Finance Ric Brown, Senator Walter Stosch, Senator Tommy Norment, Senator Charles Colgan, Delegate Lacey Putney, Delegate Steve Landes, Delegate Chris Jones, Delegate Kirk Cox, Chief of Staff Martin Kent, Deputy Secretary of Finance Neil Miller, State Treasurer Manju Ganeriwala, and Steve Kantor, private financial advisor to the Virginia Treasury Board and Managing Director with FirstSouthwest.

Following today's meetings the governor issued the following statement:

"Virginia has established a firm reputation as a state committed to fiscally responsibility and smart, conservative budgeting. In recent years we have overseen the posting of four straight budget surpluses totaling nearly $2 billion. We have passed the state's first major transportation funding plan in over a generation. We have reduced the future liability in our pension system by $9 billion. We have invested in the Rainy Day Fund, and it is on pace to exceed $1 billion by the end of FY 2016, which will be the third-largest balance in the history of the Fund. Working on a bipartisan basis we have taken bold steps to strengthen the state's fiscal position and encourage private-sector job creation. This work has put Virginia in a very strong economic position moving forward.

The actions we have taken at the state level were received very favorably by all three firms we met with today. They know that in Richmond we are doing what we can to keep Virginia on a sound financial footing in a very uncertain fiscal climate. Much of that uncertainty stems from Washington D.C. and in a state like ours, with such a large federal workforce and footprint, the current shutdown is cause for great concern. Our conversations today were frank and detailed. They were also positive. We will continue to work in Richmond to prepare Virginia well for the years ahead. And I continue to call on Washington to drop the gamesmanship and get back to governing. That is imperative for the fiscal well being of our Commonwealth and our country."

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