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Fitch Raises PA’s Credit Rating

Governor Josh Shapiro announced that Fitch Ratings has upgraded Pennsylvania’s credit rating to ‘AA’ from ‘AA-,’ building on positive credit rating outlooks from Moody’s and S&P’s Global Ratings in September.

Fitch also has assigned a ‘AA’ rating to the following Commonwealth of Pennsylvania general obligation (GO) bonds:

  • $1.335 billion First Series of 2023;
  • $787.165 million First Refunding Series of 2023.


Pennsylvania’s credit rating was upgraded as a result of “recent use of revenue surpluses to build its reserves to historical highs” and Fitch’s expectation that substantial reserves will be maintained in the near term. Fitch’s assessment found that Pennsylvania deserved the credit rating upgrade thanks to “improved operating performance, as well as a low long-term liability burden and broad flexibility to manage spending pressures, which offset modest baseline revenue growth and a historically contentious decision-making environment.”

“Fitch Ratings becomes the third credit rating agency since September to affirm that our Commonwealth is on sound financial footing thanks to our commonsense investments and responsible budgetary practices – creating opportunity for Pennsylvanians and continuing to set Pennsylvania up for success,” said Shapiro. “My Administration will continue to work with leaders in both parties to make smart investments that responsibly manage taxpayer funds while strengthening Pennsylvania schools and businesses, creating safer communities, and supporting our law enforcement and first responders as we build an economy that works for all.”

“With our third positive affirmation in the last three months that Pennsylvania is on the path for economic and financial success, it’s clear that our responsible investments are working to keep the Commonwealth on a sound fiscal trajectory while supporting Pennsylvania families,” said Secretary of the Budget Uri Monson.

In September, the Governor announced that Moody’s reaffirmed Pennsylvania’s Aa3 issuer credit rating and upgraded the Commonwealth’s rating outlook to positive from stable. Later that month, S&P Global Ratings also improved Pennsylvania’s outlook to ‘positive’ from stable and affirmed its A+ long-term rating.

The press release issued by Fitch Ratings can be found here. A chart of Pennsylvania’s ratings’ history can be found here.


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