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Credit Ratings and Reports

The table below provides the most recent credit report for the credit ratings that have been assigned by the three major credit rating agencies:   Fitch Ratings, Moody’s Investors Service, and Standard & Poor’s Rating Services, exclusive of any credit enhancement that may be attached to a particular bond issue, along with the most recent credit report by each of those three agencies.

The ratings and ratings outlooks in effect from time to time reflect only the views of the particular rating organization.  The explanation of its views of the meaning and significance of its rating or outlook may be obtained from the respective rating agency. The Commission furnished to each rating agency certain information and materials, some of which may not be included in this Official Statement, relating to the Bonds and other obligations, the state and the Commission.  Generally, rating agencies base their ratings on that information and materials, and on their own investigations, studies and assumptions.

There can be no assurance that the ratings or outlooks assigned will continue for any given time, or that a rating will not be lowered or withdrawn by a rating agency if in its judgment circumstances so warrant.  Any downward change in or withdrawal of a rating, or change in rating outlook or other actions of a rating agency, may have an adverse effect on the marketability and market price of the Bonds.


Security and Source of Funds Fitch Credit Reports Moody's Credit Reports S&P Credit Reports
General Obligation, General Revenue Funds
Higher Education, Common Schools, Coal Development, , Conservation Projects, Infrastructure Improvement, Job Ready Site Development,  Natural, Resources, Third Frontier Research and Development, and Veterans Compensation
AA+ (PDF) Aa1 (PDF) AA+ (PDF)
General Obligation, Highway User Receipts
Highway Capital Improvements
Special Obligation, General Revenue Funds
Cultural and Sports Capital Facilities, Mental Health Capital Facilities, Parks and Recreation Capital Facilities, State Facilities (Administrative Building Projects),  State Facilities (Adult Correctional Building Projects),  and State Facilities (Juvenile Correctional Building Projects)
Special Obligation, Highway User Receipts
State Facilities (Transportation Building Projects) and State Facilities (Highway Safety Building Projects) 
Federal Transportation Grants, State Highway Infrastructure (GARVEE)
Major New State Infrastructure Project (GARVEE)
N/A Aa2 (PDF) AA (PDF)
State Credit Enhancement, General Revenue Funds
Two-year Community and Technical Colleges
N/A Aa2 (PDF) N/A

Older credit reports may may be obtained by visiting the website of the credit rating agencies (links provided below):

Fitch Ratings
Standard & Poors

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