DES MOINES - Today, Governor Culver announced that Standard
and Poor's, the world's foremost provider of independent credit analysis, has
raised Iowa's issuer credit rating ("ICR") from "AA+" to
"AAA," and increased the Vision Iowa moral obligation bond rating
from "A+" to "AA."
"As Governor, I am committed to keeping our fiscal
house in order, through continued economic expansion, an emphasis on job
creation, and sound fiscal management," said Governor Culver.
""In my first budget address as Governor, I committed my
administration to making Iowa one of the best managed states in the nation, and
to pursue the "AAA" bond rating. Now, Standard and Poor's has
recognized our efforts are working. From $640 Million in cash reserves, to
developing the changing Iowa economy, we are leading the region and country in
economic success."
Standard and Poor's cites Iowa's stability, continuing
diversification of the state's economy, and historic commitment to the rainy
day fund as significant factors in Iowa's "AAA" rating
increase.
According to S&P's credit report, "Other credit
factors are, in our view, the state's good fiscal management with a
demonstrated willingness to restrain spending and make midyear corrections to
maintain fiscal integrity; strong financial operations, supported by quarterly
financial forecasts and rainy day reserves; good income levels; and very low
debt burden."
With this distinction, Iowa joins only ten other
states to receive the "AAA" issuer credit rating.