TALLAHASSEE, Fla. – Florida has earned a “triple A” rating from the three major credit-rating agencies for the first time, Gov. Rick Scott announced Friday.
Moody’s Investor Services increased Florida’s rating for general obligation bonds to Aaa, up from an Aa1.
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Florida had already been given an AAA rating by Standard and Poor’s and Fitch Ratings for bonds that are backed by the full faith and credit of the state.
Moody’s cited the “sustained trend of improvement” in Florida’s economy and state finances, including low state debt, a well-funded state pension system and a reduction in the size of Citizens Property Insurance, which is backed by the state.
In a statement, Scott cited his efforts to turn around the economy after he took office in early 2011.
Similarly, state Chief Financial Officer Jimmy Patronis said “sound fiscal policy and strong leadership” has led to the improvement in the state’s economy.