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In the News...


Promises Made. Promises Kept.

When I told Mississippi that protecting our credit rating would be one of my top priorities, we had no idea what was about to happen to our economy. We didn't see a global pandemic at that time, nor did we expect that so many Mississippians would find themselves out of work as commerce ground to a virtual halt.

 

Nonetheless, in the midst of all this, we sat down with Wall Street credit rating agencies (by Zoom, of course) and made the case for Mississippi. Our efforts were successful, and I am incredibly proud to announce the promise made to protect our credit rating was a promise kept.

 

Because of our strong budgetary controls and responsibly managed rainy day fund, credit rating agencies have rewarded taxpayers, maintaining our strong credit ratings across the board and ensuring we continue to have access to advantageous financing.

In the Fitch Ratings’ report, it was noted that Mississippi has “strong control over spending and maintenance of reserves” regarding operating performance. Also noted by Fitch is that “Mississippi has strong financial resilience that should allow it to absorb the immediate budgetary effects of the economic downturn, based on its strong budgetary controls, a $556M rainy day fund, and access to CARES Act funds for additional spending related to the pandemic.” (emphasis added)

 

The world doesn't look the same as it did in 2019, but I am incredibly proud that the promises made back then have been kept today.

 

Sincerely,

 

David McRae

State Treasurer


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