Utah earns Moody's highest credit rating again
The downtown Salt Lake City skyline is backdropped by fresh snow on the Wasatch Mountains on Monday, Jan. 15, 2024. (Photo by Spenser Heaps for Utah News Dispatch)
Describing Utah's economy as strong and its outlook as stable, Moody's affirmed the state's Aaa issuer credit rating Tuesday. That's the highest possible rating for a government entity, indicating the lowest risk for investors.
Along with Utah, 13 other states hold that score with Moody's, Fitch and S&P Global, three big rating agencies.
'The Aaa issuer rating reflects Utah's robustly expanding economy, formidable budget reserves, minimal leverage, and exemplary fiscal governance,' the financial firm wrote in the announcement.
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Analysts also expect Utah's demographic trends to continue to drive good revenue performance and diversify the state's economy, they wrote. In the meantime, the state has 'excellent budget flexibility' with low fixed costs from 'low leverage from bonded debt, pension liabilities and retiree healthcare.'
However, the state also faces credit challenges, including climbing cost of living prices and diminishing housing affordability, which could slow down the state's 'in-migration' trends in the future. Additionally, catering to more Utahns living in the state means more spending, especially for public education.
And, like in most Western states, Utah's issues with water supply and drought 'can disrupt the economy and drive capital spending,' analysts said.
Gov. Spencer Cox celebrated the news, saying in a release that the rating would allow the state to save taxpayer dollars with low-borrowing costs to fund infrastructure and public services.
'These ratings reflect the fact that our hard work is paying off,' Cox said in a statement. 'Utah continues to be recognized as one of the best-managed states in the nation because of our commitment to fiscal responsibility and the incredible work of public servants who take that responsibility seriously every day.'
The firm also highlighted that Utah's score will remain steady since its fiscal and debt management style could allow it to successfully navigate potential economic challenges, while its 'judicious' approach to expenses in sectors like education, transportation and health care will make for stronger financial stability.
'We don't take this kind of recognition for granted,' Cox said. 'The recent launch of GRIT and the BUILD Coordination Council reflects our commitment to keep improving by solving problems early and delivering real results for Utahns. A top credit rating is something to be proud of, but it is also a reminder to keep earning that trust every single day.'
Moody's noted that Utah's rating could be downgraded if the state departs from its tradition of fiscal and liability management, or if the state reduces its reserves to less than 25% of own-source revenue due to economic downturn or other events.
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