PIERRE, S.D. (Press Release) – Moody’s Investors Service announced they have reaffirmed South Dakota’s AAA Issuer Credit Rating, the highest rating available, with a stable outlook.
“Forcing state government to live within its means is a fundamental tenet of my administration,” said Governor Kristi Noem. “Between our high credit rating, low taxes, and reasonable regulations, I’m pleased to see Moody’s acknowledge ‘South Dakota’s very healthy financial position.”
In their report, Moody’s highlighted that “the state has experienced far less of an impact from the coronavirus outbreak than other states. There have been far fewer job losses in South Dakota, relative to the employment base, than across the nation at large, and state revenue is still trending above the prior year despite indications that the effects of the virus have manifested in collections.”
Credit Ratings give potential bond purchasers a measurement of state performance and credit worthiness. High credit ratings allow issued bonds to carry a lower interest rate, providing interest savings to issuers as well as the taxpayers in the State of South Dakota.