Upgrade is a Win for Arizona Taxpayers & Testament to Responsibly-Balanced Budget
PHOENIX - Citing Arizona's passage of a structurally balanced budget, Moody's Investors Services today upgraded Arizona's credit rating to Aa2, with a "stable" outlook.
In their announcement, Moody's said the rating increase "reflects the state's positive economic trends, significantly improved liquidity levels (and) budget actions expected to eliminate a structural imbalance."
The upgrade is a win for Arizona taxpayers and proof that the tough decisions made by Governor Ducey and the Legislature are moving Arizona's economy in a positive direction.
"This news is a high testament to the good work we've done in a short time to get our state back on a stable path to fiscal prosperity," said Governor Ducey. "Progress like this is no accident. We headed into this year facing a $1 billion deficit, and rather than ignoring the problem or continuing to spend money we didn't have, we made a promise to balance the budget, tighten our belts, promote economic growth and protect Arizona's taxpayers.
"The budget decisions we made this year weren't easy, and many of them weren't popular. But we were elected to do what's right, not what's easy -- and now we have a structurally-balanced budget and a stable credit outlook to show for it. This is only a start, but it's a strong start. Together with the Legislature, our administration will continue to govern in a way that protects our hardworking taxpayers and highlights Arizona's position as one of the best places in the nation for businesses to invest, grow and thrive."