S&P Global upgrades NH rating from AA to AA+

CONCORD, NH – New Hampshire Governor Chris Sununu on March 26 issued the following statement after S&P Global upgraded New Hampshire’s General Obligation ratings from “AA” to “AA+”:

Good fiscal management delivers good results. For the first time since 1995, S&P Global has upgraded the State’s General Obligation Debt Rating to reflect the strong, sustainable, and efficient position we have put ourselves in over the last few years. Our limited government approach has remained flexible and nimble — allowing us to reinvest in key areas of need while putting the individual ahead of the system.”

These rating upgrades will help the state borrow funds at a lower cost, signal to the business community that New Hampshire is a strong and stable state to do business in, and make New Hampshire bonds more attractive to those who place a premium on security.

Rating highlights:

• S&P Global Ratings raised its long-term rating to ‘AA+’ from ‘AA’ on the State of New Hampshire’s approximately
  $661.5 million in general obligation (GO) debt outstanding.
• At the same time, we assigned our ‘AA+’ rating to the state’s $60 million GO capital improvement bonds, 2024
  series A.
• We also raised our rating to ‘AA+’ from ‘AA’ on New Hampshire’s Transportation Infrastructure Finance and
  Innovation Act (TIFIA) $200 million loan between the state and the U.S. Department of Transportation.
• The outlook on all ratings is stable.
• The upgrades incorporate our view of New Hampshire’s improved economic and demographic growth trends that
  continue to perform near or above those of the U.S. and regional peers, and our view of the state’s demonstrated
  commitment to controlling expenditure growth, preserving revenue stability, and building higher reserve balances
  across recent economic cycles that we believe position it to sustain financial stability in the current and future
  biennial budgets.

Full report regarding the upgrade can be found here.