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Ratings and Credit Reports

The below table provides the most recent credit ratings and the associated credit report for each type of state bond based on its security and source of payment. The state generally requests credit ratings from three public finance credit rating agencies -- Fitch Ratings, Moody's Investors Service, and S&P Global Ratings. With respect to the State's Highway Capital Improvement Bonds, the State also requests a credit rating from Kroll Bond Rating Agency. The ratings and ratings outlooks in effect from time to time reflect the views of that particular rating agency. The state provides comprehensive information on the state's finances/budget, economy, debt and long-term liability, and governance/management structure to each rating agency, some of which may not be included in in the state's bond sale Official Statements. Generally, rating agencies base their ratings on that information and material, 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that the ratings or outlooks assigned will continue for any given time, or that a rating will not be lowered or withdrawn by a rating agency if in its judgment circumstances so warrant.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 credit 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 Kroll Bond Rating Agency Moody's Credit Reports S&P Global Ratings
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+    N/A Aa1    AA+   
General Obligation, Highway User Receipts
Highway Capital Improvements
AA+    AAA    Aa1    AAA   
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)
AA    N/A Aa2    AA   
Special Obligation, Highway User Receipts
State Facilities (Transportation Building Projects) and State Facilities (Highway Safety Building Projects) 
AA    N/A Aa2    AA   
Federal Transportation Grants, State Highway Infrastructure (GARVEE)
Major New State Infrastructure Project (GARVEE)
N/A N/A Aa2    AA   
State Credit Enhancement, General Revenue Funds
Two-year Community and Technical Colleges
N/A N/A Aa2    N/A

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

Fitch Ratings
Kroll Bond Rating Agency
S&P Global Ratings