TALLAHASSEE, Fla. – Today, Governor Rick Scott announced that Moody’s Investors Service, a leading international credit rating agency, upgraded Florida’s General Obligation (GO) bond rating to Aaa – the highest rating possible. For the first time in the history of Florida, all three rating agencies now have Florida’s GO bond rating at AAA. This is a clear indicator of the strength of Florida’s economy and will save taxpayers money in future state interest payments.
Governor Scott said, “When I became Governor in 2011, Florida’s economy was in terrible shape. By December 2010, state debt and unemployment had skyrocketed, taxes had been needlessly hiked by more than $2 billion and frivolous spending was commonplace – all costing Florida families more than 800,000 jobs. Since day one, we’ve worked nonstop to reverse this course, and today’s rating from Moody’s demonstrates the success of Florida’s economic turnaround.
“Since December 2010, Florida’s private sector has created more than 1.5 million jobs, our unemployment rate has continued to drop, we’ve paid down $9 billion in state debt and we’ve made record investments in priorities that matter to families like education and the environment. The entire country should take note.
“I am so proud of Florida’s amazing turnaround story over the past seven years, but our work isn’t finished yet. We will never stop fighting so every Floridian can get a great job, put their children in world-class schools and live in safe communities.”
Florida Chief Financial Officer Jimmy Patronis said, “Sound fiscal policy and strong leadership has provided a platform for growth and continuous improvement in Florida's economy and finances over the last seven years. Governor Scott and many leaders across our state have worked tirelessly to ensure Florida has the tools and resources it needs to increase jobs, attract visitors and secure stability for the growing number of consumers that come to our state. While today's announcement of the upgraded GO rating is great news for Floridians, we must continue doing everything we can to reinforce Florida's strong economic security."
Since Governor Scott took office, Florida has experienced an incredible economic turnaround, including:
- Florida’s businesses have added more than 1.54 million new private sector jobs since December 2010;
- Taxes in Florida have been cut nearly 100 times, saving families and businesses more than $10 BILLION;
- Florida’s unemployment has dropped from 11.2 percent to just 3.8 percent; and
- Florida has paid down $9 billion in state debt.
Among the reasons for the upgrade, Moody’s cited:
- “Florida’s recovery from the great recession has been sustained and robust with economic and employment growth consistently outpacing the US over the last five years.”
- “The GO upgrade reflects a sustained trend of improvement in Florida’s economy and finances, low state debt and pension ratios, and reduced near-term liability risks… Florida’s economy is performing strongly in terms of job growth, and long-term growth prospects are favorable.”
To read the Moody’s press release, click HERE.