Florida gets high marks for handing of state finances

June 23, 2018 GMT

TALLAHASSEE, Fla. (AP) — Florida is getting high marks from a major ratings agency for a “sustained” and “robust” recovery from the Great Recession.

Moody’s Investors Services upgraded the state’s bond rating to AAA. That’s the highest rating the agency awards and means Florida will pay lower interest payments when it borrows money.

The administration of Gov. Rick Scott said this marks the first time that all three major rating agencies have assigned the state their highest ratings.

During his time as governor Scott has pushed to reduce Florida’s total amount of debt.

Moody’s in a release Thursday said Florida earned the higher rating because the state’s economy and finances have been consistently improving. It also noted the state’s low amount of debt and the health of its pension plan.