Tag Archives: S&P credit rating

King Touts Fiscal Restraint as Reason for State’s Improved Credit Rating

State Rep. Phil King(2009)2

State Representative Phil King (R-Weatherford) today cited fiscal restraint and common sense economics for Texas’ booming economy and why Standard & Poor’s (S&P) raised Texas’ credit rating from ‘AA’ to ‘AA+’ this week.

A statement from S&P on Tuesday explained, “S&P raised its issuer credit rating (ICR) and general obligation (GO) rating on Texas to ‘AA+’ from ‘AA’ based on the state’s continued economic diversification, and expectation that state officials and policy makers will remain committed to the maintenance of an adequate level of reserves in the Economic Stabilization Fund (rainy day fund).” The statement went on to say, “The ratings continue to reflect our opinion of the state’s large and steadily diversifying economy, which despite the recession continues to perform better than the nation in terms of both economic activity and employment.”

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