On July 3, 2024
Local News

Pieciak announces $3.7m in savings as Vermont credit ratings hold strong 

Treasurer Pieciak announced Monday, June 24, that Vermont’s credit ratings were affirmed by the major credit rating agencies, S&P Global Ratings (AA+), Fitch Ratings (AA+), and Moody’s (Aa1). Leveraging this fiscal strength, Pieciak and his office successfully refinanced outstanding higher-interest bonds, resulting in savings of approximately $3.7 million. 

The ratings reaffirmed that Vermont’s financial outlook is stable, as the state earned the second highest ratings that an entity can receive. The ratings will ensure that borrowing costs for state projects remain modest, reducing costs to Vermont taxpayers.

Treasurer Pieciak, the Legislature, and the administration also remain committed to decreasing the total amount of capital borrowing over time, consistent with the recommendations of the Capital Debt Affordability Advisory Committee. 

After receiving the updated credit ratings, the state issued two sets of bonds, including over $70 million of Series A bonds which generated over $77 million for new capital projects. Over $36 million of Series B bonds were also issued to refinance bonds from 2014. That refinancing will save the state about $3.7 million. 

“Vermont’s strong credit rating, which enabled these savings, is a testament to our state’s long tradition of disciplined governance and balanced fiscal management. Our state’s economic outlook is also strengthened by our tri-partisan commitment to reducing long-term pension liabilities, which we have made good progress on during the last few years,” said Treasurer Pieciak. 

Vermont’s statewide economic indicators like low unemployment and high educational attainment remain positive.

In addition to having historically high cash balances and income interest, Vermont’s statewide economic indicators like low unemployment and high educational attainment remain positive. Although the rating agencies noted the state’s ongoing challenges, including a tight housing market and aging population, Vermont’s finances remain stable and resilient.  

“I’m grateful to Governor Scott and the Legislature for making strategic investments in our state and supporting sound financial management,” said Treasurer Pieciak. “Thanks to their prudent fiscal work, and our shared commitment to meeting our demographic challenges, I believe Vermont is on a very sound financial footing and progressing toward again achieving a AAA rating.”

Do you want to submit feedback to the editor?

Send Us An Email!

Related Posts

Killington Grand Hotel sale sets new sales record

November 6, 2024
The most expensive interval ownership condominium in Killington was sold by Killington Pico Realty on Nov. 1, for $210,000–one of two interval condominiums in Killington to sell for more than $200,000 in the same week. For perspective, this same interval condominium sold just 16 months ago for $134,000. Krista Mosher and Jessica Posch of Killington…

David Minard

November 6, 2024
11/09/45-01/07/24 Please join us to honor “One of the good guys” November 9th (his birthday) 1:00 p.m. Riverside cemetery Reception following at Sherburne Library

Ceramicist finds home in Hartland

November 6, 2024
By Curt Peterson Amanda Ann Palmer’s ceramics studio seems a “hidden corner of creativity.” She makes her beautiful array of hand-made pottery pieces that range in size from small tree ornament mushrooms and coffee mugs to good-sized fruit bowls. She exhibited her wares at Reading Greenhouse’s crafts fair last weekend, and generally at Long River…

Rutland Beer Works brings the taproom experience to Rutland

November 6, 2024
By James Kent Something exciting’s brewin’ in the RU; take a brief jaunt west a couple of blocks from downtown Rutland to 136 Granger St., and you’ll find a cozy brewery nestled into this mixed-use neighborhood of residences and businesses.The brewery isn’t new to the neighborhood. Rutland Beer Works arrived on the scene nearly a…