Delaware Gov. John Carney announced Thursday that two investor services gave high ratings to its transportation bonds.
Moody’s Investor Service assigned the Delaware Transportation Authority Series 2022 transportation system senior revenue bonds Aa1, while Standard & Poor’s assigned the bonds AA+. Both rating agencies affirmed credit ratings of Aa1 (Moody’s) and AA+ (S&P) for the Authorities transportation system senior revenue bonds series outstanding, and both agencies issued a stable outlook for the transportation system revenue bonds. Moody’s also confirmed Delaware’s AAA rating, the highest state rating available.
“Delaware continues to receive high marks for fiscal management, which allows us to sustain the important investments we’ve made in our schools, our infrastructure, our communities, and our economy, including efforts to address the impacts of COVID-19 and future public health crises,” said Governor Carney. “All Delawareans can be proud of the work we’ve done with the General Assembly to boost the state’s finances prior to COVID-19 and the sustainable budget we passed this legislative session. These steps will help ensure Delaware is the best place to live, work, and raise a family.”
Moody’s listed “lower business costs and cost of living relative to neighboring states” and the state’s FY23 budget as reasons for the state’s rating.
“We greatly appreciate the recognition of the Department’s strong financial and operational management, particularly throughout the pandemic,” said Secretary of Transportation Nicole Majeski. “We will continue to work diligently to be good stewards of taxpayer dollars and use these savings to further invest in our state’s transportation system. The excellent work done by our finance team, led by Lanie Clymer, ensures our financial standing remains strong as we support the largest capital program in the Department’s history.”