Vermont Business Magazine On August 19, 2022, S&P Global Ratings affirmed the AA+ general bond ratings (second highest) from the State of Vermont and revised the rating outlook from negative to stable. Vermont is still the highest rated New England state.
Vermont State Treasurer Beth Pearce praised the collaborative efforts between the Treasurer’s Office, the General Assembly and the Governor for helping to improve the ratings: “I am pleased with the review of the S&P’s outlook from negative to stable and we are beginning to reap the benefits of the critical investments and pension reforms made by Bill 114. The ratings affirmation also underscores the importance of not only continuing to adhere to our track record of sound financial and good budgeting practices, but also to consider our workforce and demographic trends.
Responding to the announcement, Governor Scott said, This is good news and a sign that our work to strengthen our fiscal fundamentals is moving us in the right direction. I would like to thank Treasurer Pearce for her stewardship in this area, as well as her partnership over the years in meeting some significant financial challenges.
In the ratings report, S&P wrote that the improved outlook is attributed to recent shifts in demographic trends, “pension reforms designed to significantly reduce unfunded liabilities” and historical credit strengths, including regular forecast updates, annual mid-year budget adjustments, consistent reserve levels across economic cycles, and debt affordability monitoring. Vermont received the highest possible score in the financial management category.
For the first time in a decade, in 2021, Vermont’s population growth rate exceeded that of the country. S&P speculated that this represents “an increase in immigration related to the COVID-19 pandemic, as low population density and outdoor recreation opportunities drew those who could work remotely to the State”. S&P also praised Vermont’s population initiatives, including “funding for various programs related to housing, labor and economic development, and child care.” [that] totaled $150 million, $140 million, and $40 million, respectively.
Bill 114, passed in the 2022 legislative session, is estimated to save $2 billion in combined pensions and unfunded OPEB (retiree health care) liabilities associated with the employee retirement system. Vermont State (VSERS) and the Vermont State Teachers Retirement System (VSTRS).
“Our goal is to maintain a strong AA rating and eventually achieve a AAA rating. Today’s rating from S&P is a welcome step, but we must continue to work together on solutions to Vermont’s challenges and maintain the our credit forces process,” said Treasurer Pearce.
Montpelier, VT August 19, 2022 State Treasurer.
S&P Confirms and Improves Credit Outlook for Vermont State Bonds and Latest Update
I tried to give all kinds of news to y’all latest news today 2022 through this site and you will like all this news very much because all the news that we always give in this news is always there. It’s on a trending topic and regardless of the latest news
it was always our effort to reach you that you continue to get the Electricity News, Degree News, Donation News, Bitcoin News, Trade News, Real Estate News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health New, Cryptocurrency News, Claims News the latest news and you always keep getting the news information for free through us and also tell people. Give that any information related to other types of news will be
S&P confirms and improves credit outlook for Vermont state bonds & More Live News
All this news I made and shared for you, you will like it very much and we keep bringing you topics like every time so you keep getting hot news like trending topics and you It’s our goal to be able to have
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can go further by getting the information of this news with you. Later we will continue
to provide information on more world news update today types of latest news through posts on our website so that you always keep moving forward in this news and whatever type of information will be there, it will definitely be passed on to you.
S&P confirms and improves credit outlook for Vermont state bonds & More News Today
All this news that I have brought you or will be the most different and best news that you will not get anywhere, as well as the information Trending News, Latest News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to you all so that you are always connected with the news, stay ahead of the game and continue to today’s news all types of news for free till today so you can get the news by getting it. Always take two steps forward
Credit goes to news website – This news website from the original content owner. This is not my content so if you want to read the original content you can follow the links below
Get original links here🡽