Delaware earns AAA credit rating

DOVER — Delaware has earned a triple-A credit rating from the three major rating agencies.

Moody’s Investors Service, Fitch Ratings and Standard & Poor’s Rating Services gave Delaware the highest possible mark in updated reports published by the agencies this month.

“These reports affirm our progress in strengthening Delaware’s economy, while budgeting responsibly,” Gov. Jack Markell said in a

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Delaware Secretary of Finance Tom Cook

statement. “Recognition of Delaware as one of the top-rated states shows Delaware is well-positioned for continued success. However, our work is never finished. We must continue efforts to prepare our workers with the skills they need to compete for jobs, foster a nurturing environment for businesses to start and expand in the state and ensure our budget is sustainable for years to come.”

The grades weigh the state’s economy, job market and spending. While the agencies did consider forthcoming DuPont layoffs, they also noted growth in areas like finance, education and health.

Standard and Poor’s cited the state’s “consistently strong general fund reserves,” “moderate overall debt burden” and “well-funded pension system.

Delaware has maintained a triple-A rating from all three agencies for the past 16 years.

“Even through the Great Recession, this administration has maintained the highest possible credit ratings through strong financial management and fiscal discipline, while improving our business climate,” Finance Secretary Tom Cook said in a statement. “The confirmation of our rating will translate to the lowest cost of capital, permitting greater investment in the essential infrastructure that is essential to attracting new business and spurring job creation.”

Reach the Delaware State News newsroom at newsroom@newszap.com

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