Montana Governor Steve Bullock today announced Montana’s sterling bond rating has been renewed. Bullock recently called Montana lawmakers back for a special legislative session to shore up the state’s budget shortfall caused by less than anticipated revenues and a costly fire season.
“I’m pleased we were able to maintain Montana’s fiscal health,” said Governor Bullock. “We will continue to be mindful with taxpayers dollars, not spend more than we take in and begin to put these challenging budget times behind us.”
S&P Global Ratings affirmed Montana’s ‘AA’ rating on the State of Montana’s general obligation (GO) bonds and also affirmed the ‘A’ rating on the Montana Facility Finance Authority’s revenue debt supported by the state’s moral obligation. The outlook on all ratings is stable.
In their rationale, S&P Global Ratings wrote “The state has favorable characteristics that we view as supporting credit quality over the long term, including its strong budget management framework and low debt levels,” and “Montana’s longer term economic growth projections are also strong compared with the U.S.”
The full report is attached.