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Boise, Idaho ~ In a recent announcement from Fitch Ratings, one of the top credit rating agencies in the country, it was revealed that Idaho has once again received the highest credit rating possible – AAA. This prestigious rating is only achieved by a handful of states each year.
Governor Brad Little expressed his pride and gratitude for this achievement, stating that it is a result of the state's commitment to maintaining a balanced budget and setting aside funds for unforeseen circumstances. He believes that this rating will save Idaho taxpayers millions of dollars on future projects and is a testament to good government practices.
The Fitch announcement highlighted several key factors that contributed to Idaho's AAA rating. Firstly, Fitch predicts that the state's long-term revenue trend will surpass national GDP growth, even after adjusting for policy changes. Additionally, despite recent debt issuances for transportation and school facilities, Idaho's overall long-term debt is expected to remain low.
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Fitch also commended Idaho's strong fiscal management, which includes building up reserves and consistently balancing the budget. This allows the state to mitigate any potential economic downturns or revenue shortfalls. Furthermore, Idaho has seen a significant increase in population growth from 2010-2024, exceeding the national rate by 27.7%.
The state's economy has also shown signs of diversification in recent years, with growth in various sectors such as transportation and warehousing, professional and business services, retail, construction, and healthcare.
Governor Little acknowledged the efforts of his partners in the Legislature as well as those in the private sector for their contributions to Idaho's economic success. He believes that this AAA credit rating is a reflection of their hard work and dedication.
With this latest affirmation from Fitch Ratings, it is clear that Idaho is on a path towards continued economic stability and growth. The state's commitment to responsible financial management has not only earned them recognition but also provided tangible benefits for its citizens.
Governor Brad Little expressed his pride and gratitude for this achievement, stating that it is a result of the state's commitment to maintaining a balanced budget and setting aside funds for unforeseen circumstances. He believes that this rating will save Idaho taxpayers millions of dollars on future projects and is a testament to good government practices.
The Fitch announcement highlighted several key factors that contributed to Idaho's AAA rating. Firstly, Fitch predicts that the state's long-term revenue trend will surpass national GDP growth, even after adjusting for policy changes. Additionally, despite recent debt issuances for transportation and school facilities, Idaho's overall long-term debt is expected to remain low.
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Fitch also commended Idaho's strong fiscal management, which includes building up reserves and consistently balancing the budget. This allows the state to mitigate any potential economic downturns or revenue shortfalls. Furthermore, Idaho has seen a significant increase in population growth from 2010-2024, exceeding the national rate by 27.7%.
The state's economy has also shown signs of diversification in recent years, with growth in various sectors such as transportation and warehousing, professional and business services, retail, construction, and healthcare.
Governor Little acknowledged the efforts of his partners in the Legislature as well as those in the private sector for their contributions to Idaho's economic success. He believes that this AAA credit rating is a reflection of their hard work and dedication.
With this latest affirmation from Fitch Ratings, it is clear that Idaho is on a path towards continued economic stability and growth. The state's commitment to responsible financial management has not only earned them recognition but also provided tangible benefits for its citizens.
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