AAA

July 22, 2008

Good news: 

Indianapolis – State officials say an improved credit rating will save money by reducing interest rates on public debt.

Gov. Mitch Daniels announced Monday that Indiana has for the first time received the highest credit rating from Standard & Poors.

Office of Management and Budget director Ryan Kitchell says the AAA rating will allow the state to refinance some of the debt on Lucas Oil Stadium, saving the state $850,000 a year.

He said school systems also should see lower interest rates on their bond issues.

Jill Long Thompson made the best of it, saying that “while the credit upgrade was positive,” the state’s unemployment rate had also increased. But unemployment has gone up just about everywhere, but not many states have so improved their credit rating.

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