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Standard and Poor’s (S&P) revised its outlook on the Virginia economy from “negative” to “stable” and affirmed its AAA rating on the state’s general obligation debt.
In response to the news, Gov. L. Douglas Wilder said, “I am pleased to see Standard and Poor’s acknowledge all we’ve done to put our fiscal house in order and ensure Virginia’s fiscal stability for the future. This re-affirmation of our AAA status should allay any remaining doubts about Virginia’s ability to retire future debts.”
Virginia’s economic outlook was downgraded to negative in February 1991 because of the magnitude and duration of the state’s general fund revenue shortfall. This shortfall, claimed S&P, was driven by economic changes, including declines in wage and salary and income growth.
The upgrade in the state’s economic outlook to stable reflects the actions taken by the state to correct this revenue/expenditure imbalance. “The rating reflects the commonwealth’s fundamental credit factors, including a diversified economy, a low-debt burden and strong financial management,” said SAP’s Credit Ware.
“Management actions taken in the past year and a half (even) contributed to a modest budget-basis fisal 1992 surplus. Through the first
Ster of fiscal 1993, actual general
revenues slightly exceed projections.”
Meanwhile, Wilder noted that the state’s long-term economic and budgetary outlook will be the sub
81.6%