S&P upgrades South Dakota on strong financial management

(Reuters) – Standard & Poor’s Ratings Services raised its issuer credit rating on South Dakota to “AAA” from “AA+”, citing the state’s consistently strong financial position, “rainy-day funds” and a historical record of conservative budgeting.

The upgrade also incorporates recent legislative and executive measures to formalize aspects of South Dakota’s budget planning and monitoring processes, Standard & Poor’s credit analyst Sussan Corson said. (http://bit.ly/1K8T4pA)

The rating agency’s outlook on the state is stable, reflecting its positive revenue trends, strong gross state product and personal income growth relative to the nation.

The recent legislative changes to the allocation of budgetary surplus has effectively established minimum reserve levels, Standard & Poor’s said.

(Reporting by Kanika Sikka in Bengaluru; Editing by Ted Kerr)

Free newsletter signup
Never miss another Bankless Times news story as we send you hand-picked articles every morning
We hate spam. Your email address will not be sold or shared with anyone else. You will only receive our daily newsletter. You can unsubscribe at any time.

Leave A Comment

You must be logged in to post a comment.