The State of Ohio has earned a AAA credit rating– the highest in more than four decades. At a press conference, Governor Mike DeWine, Lieutenant Governor Jon Husted and Ohio Office of Budget and Management director Kimberly Murnieks said Fitch Ratings upgraded Ohio’s long-term Issuer Default Rating (IDR) to AAA from AA+, which reflects a material strengthening of the state’s financial resilience and budget management, particularly during the past four years.
The rating action is Ohio’s first AAA rating with Fitch, which began rating the state’s credit in the 1990s and represents the highest rating for Ohio’s IDR by one of the three main rating agencies since 1979.
The benefit of a higher credit rating allows Ohio to achieve a lower cost of borrowing, costing less taxpayer funds.
“This historic move by Fitch to upgrade Ohio’s rating to AAA comes as a result of our economic policies and fiscal stewardship that have brought measurable results,” Governor DeWine said.
