State of Iowa Has AAA Rating With Fitch Ratings
DES MOINES, IA (04/05/2010)(readMedia)-- State Treasurer Michael L. Fitzgerald announced today that Iowa has the highest rating from another top bond rating company. Fitch Ratings has joined Standard and Poor's in giving the State of Iowa's general obligation bond rating the best possible rating, 'AAA.' "This is great news for Iowa," Fitzgerald stated. "Two of the major rating firms say we have the best possible rating. It says a great deal about our economy and financial management."
Iowa's AAA rating results from Fitch's move to a global rating scale. This recalibration makes their ratings for municipal and corporate entities more comparable. "We are among fourteen states that have the Fitch AAA rating," Fitzgerald stated, "So, in these tough economic times, Iowa has stayed the course and experts notice." Credit ratings provide an opinion on the relative ability of an entity to meet its financial commitments. Fitch analyzes a state's economy, financial management and liabilities to establish its credit quality.