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As credit rating firms put the federal government on notice about the dire consequences for failure to raise the national debt limit, West Virginia again finds itself getting very positive news about the State's fiscal health.
Fitch Ratings raised the State's debt rating due to West Virginia's "consistently positive financial operations, including the expansion of reserves, and an ongoing commitment to reducing long-term liabilities."
As the DailyMail pointed out in a recent editorial, this should not be lost on voters when considering the current Democratic leadership in WV. Governor Tomblin in particular, who served as Senate President during this fiscal turnaround, deserves great credit. These improved credit ratings mean that WV interest rates for big projects will be lower, ultimately saving taxpayers millions in bond issuances.
As quoted in the DailyMail editorial Governor Tomblin stated,
This is the third time, in three consecutive years, one of the rating agencies has recognized the hard work we have been implementing to get, and keep, West Virginia's financial house in order. With all three rating agencies making positive adjustments to West Virginia's portfolio in recent years, our taxpayers will save money as bond issuances to fund major projects will be financed at lower interest rates.
Folks, we are witnessing a great transition here in West Virginia. These steps are absolutely essential to our long term goals of diversifying our economy and attracting large employers. Voters should reward Tomblin's fiscal discipline in the coming gubernatorial election.
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