PRESS RELEASE
Contact:
Andrew Allison, Acting Director
Kessarin Horvath, Sr. Communications Associate
kessarin.horvath@senate.ga.gov
404.656.0028
Sen. Blake Tillery Confirms Bond Agencies Reaffirm Georgia’s AAA Rating
ATLANTA (August 14, 2020) | Recently, Sen. Blake Tillery (R – Vidalia) joined Gov. Brian Kemp in announcing Georgia’s AAA long-term bond rating, assigned by the S&P Global Ratings, Moody’s Investors Service and Fitch Ratings credit analyst groups. Rated Aaa, AAA and AAA, collectively, with a stable outlook, Georgia is one of 13 states to currently be assigned this rating.
“During this unprecedented fiscal situation, the three bond rating agencies have affirmed what Georgians already know – that the state benefits from strong financial leadership and management,” said Sen. Tillery. “Working together to safeguard critical operations, the Senate, with the Governor and House of Representatives, crafted a budget that continues to provide for our state. The decisions were not easy, but the result translates into savings for Georgia taxpayers in reduced debt service payments for key infrastructure projections such as funding $375.5 million for local school systems, $115 million for the Department of Transportation for roads and bridges, and $48.3 million for the Department of Corrections facility and security improvements.”
This year, Georgia will issue $809.1 million general obligation bonds, series 2020A, and $329.9 million general obligation bonds, series 2020B, with an expected total sale of $1.14 million that is set to be approved on or about August 20, 2020. The AAA bond rating will save millions in interest payments for current and future Georgians. The rating is determined through a number of factors, including: revenue framework, expenditure framework, long-term liability burden and operating performance.
Gov. Kemp’s full announcement on the AAA bond rating can be viewed here.
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Sen. Blake Tillery is the Chairman of the Senate Appropriations Committee. He represents the 19th Senate District, which includes Appling, Jeff Davis, Long, Montgomery, Telfair, Toombs, Treutlen, Wayne, and Wheeler counties and a portion of Liberty and Tattnall counties. He can be reached at 404.656.0089 or by email at blake.tillery@senate.ga.gov.
