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Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced that S&P Global Ratings upgraded the state’s issuer default and general obligation bond ratings to “AAA,” citing Ohio’s demonstrated commitment to active budget management, building and maintaining reserves, significant state-supported economic diversification efforts, and a belief that the state can maintain better credit characteristics than the U.S. in a stress scenario.

This is the first time that Ohio has been rated "AAA/Aaa" by all three rating agencies.

“Achieving this rating from not just one, but all three major credit agencies is historic,” said Governor DeWine. “This remarkable financial milestone underscores that Ohio is at the forefront of financial excellence and economic innovation. Our strategies are yielding tangible benefits, making Ohio a prime destination for businesses and families.”

In just over one year, S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings upgraded Ohio’s issuer default and general obligation bond ratings to the highest ratings possible: “AAA/Aaa/AAA.”

“This third Triple-A rating is a testament to Ohio’s unmatched economic strength and fiscal responsibility," said Lt. Governor Jon Husted. "Our budgetary leadership, combined with strategic investments in diverse sectors, has paid off immensely. We’re not just maintaining a balanced budget, we are fostering a flourishing economy that promises limitless opportunities for every Ohioan, now and in the future.” 

“Under Governor DeWine’s visionary leadership, Ohio has reached new heights in financial stability and economic growth,” said Kimberly Murnieks, director of the Ohio Office of Budget and Management. “Our state’s financial foundations are more robust than ever, paving the way for continued prosperity and growth. Ohio’s journey of strategic and intentional financial planning has led us to this pinnacle of success and has firmly established our state as a leader in fiscal management. All Ohioans will benefit from the cost savings that will be realized by achieving the 'Triple-A Triple Crown.'"

The S&P Global Ratings “AAA” credit upgrade comes exactly one week after Moody’s Investors Service elevated Ohio’s rating to “Aaa” and one year after Fitch Ratings upgraded the State to “AAA.”

Ohio’s “AAA/Aaa” ratings upgrade comes in connection with the state’s planned issuance of approximately $393 million in General Obligation Refunding Bonds expected to price the week of December 12.

Simultaneously with the change to Ohio’s issuer rating, S&P Global Ratings raised its long-term rating on the State of Ohio’s general obligation (GO) bonds to “AAA” from “AA+,” assigned the “AAA” long-term rating to the State of Ohio’s approximately $391 million series 2023 refunding bonds, raised its long-term rating on the tax credit bonds issued by the Columbus-Franklin County Finance Authority to “AA” from “AA-,” raised the dual rating on the state’s GO debt outstanding to “AAA/A-1+” from “AA+/A-1+,” and raised its dual rating on the state’s lease-appropriation debt to “AA+/A-1+” from “AA/A-1+.”

Moody's Investors Service Friday lifted Ohio's issuer default and general obligation ratings to triple-A based on strong  financial management and an economy that's "poised for diversification and growth."

The state now boasts the coveted top issuer rating from Moody's and Fitch Ratings, which upgraded it in September, 2022. S&P Global Ratings pegs the state one notch below the top mark at AA+ with a stable outlook.

Moody's upgrade reflects Ohio's "sound budgetary and financial management,  highlighted by a trend of strong and growing reserves and liquidity, and affordable fixed costs associated with Ohio's low and declining leverage," the agency said in the upgrade report.

Though the state's economic and demographic trends have typically lagged the nation and "that will not change rapidly," Moody's predicted that "recent major investments related to electric vehicles and microchips will drive growth in high paying manufacturing jobs."

Moody's last rated Ohio with its highest credit rating in 1979, according to the state.

Republican Gov. Mike DeWine called the upgrade "strong external validation that our strategy is delivering results for Ohio. I am proud that our record shows we are the best state to live, grow or start a business, and raise a family."

The upgrade affects $6.7 billion of Moody's-rated GO bonds, which includes $864 million of highway capital improvement bonds that feature a GO pledge. The ratings agency also upgraded $2.9 billion of outstanding lease appropriation bonds and certificates of participation to Aa1 from Aa2.

Moody's lifted several other state-related credits, including $879 million of Garvee bonds issued by the Ohio Department of Transportation.

"Our finances are stronger than at any time in history, our economy is surging ahead, and our budget is focused on ensuring that all corners of Ohio grow," said Ohio Office of Budget and Management Director Kimberly Murnieks in a statement. "We have reduced taxes and invested in results, and our priorities will continue to provide unlimited opportunities for Ohioans."

The upgrade makes Ohio the 17th state that's rated Aaa by Moody's.

Moody’s Investors Service last rated Ohio with its highest credit rating in 1979.

(COLUMBUS, Ohio)— Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced today that the credit rating agency Moody’s Investors Service upgraded Ohio’s Issuer Rating to “Aaa” from “Aa1” citing a “continuing trend of very strong financial management, improving reserves and liquidity, low and declining leverage and a state economy that is poised for diversification and growth.”

"Moody’s decision to upgrade Ohio's rating to 'Aaa' is strong external validation that our strategy is delivering results for Ohio," said Governor DeWine. "Ohio is the heart of it all, and I am proud that our record shows we are the best state to live, grow or start a business, and raise a family."

"Ohio’s economy and the state's financial footing are both stronger than ever before and we will keep building on our winning record into the future," said Lt. Governor Husted. "This is the most success that Ohio has achieved in decades and our progress is built on careful, intentional planning that is paying off. This upgrade from Moody’s is more proof that our state is fiscally strong and expertly managed.”

“Under Governor DeWine’s leadership, Ohio continues to build on our record of success," said Director Murnieks. "Our finances are stronger than at any time in history, our economy is surging ahead, and our budget is focused on ensuring that all corners of Ohio grow. We have reduced taxes and invested in results, and our priorities will continue to provide unlimited opportunities for Ohioans – today and for generations in the future.”

Ohio’s “Aaa” long-term Issuer Rating reflects a trend of positive demographics that Moody’s expects “to continue as the announced economic development projects come online over the medium term. The outlook also incorporates the state’s strong financial position, including its purposeful efforts to build reserves and budget conservatively that will support Ohio’s strong credit quality going forward.

The Moody’s “Aaa” credit upgrade comes one year after the organization elevated Ohio’s credit outlook to positive and Fitch Ratings upgraded the State Issuer Default Rating to “AAA.” 

Ohio’s “Aaa” rating upgrade comes in connection with the State’s planned issuance of approximately $393 million in General Obligation Refunding Bonds expected to price the week of December 12.  

Simultaneously with the change to the State’s issuer rating, Moody’s upgraded the general obligation bonds including the GO highway program to “Aaa” from “Aa1”, lease appropriation debt and certificates of participation (COPs) to “Aa1” from “Aa2”, the Ohio Community and Technical College Credit Enhancement and Ohio School District Credit Enhancement programs to “Aa1” from “Aa2”; and the rating on the Ohio Department of Transportation (ODOT) Federal Grant Anticipation Program's outstanding Major New State Infrastructure Project bonds, also known as GARVEE bonds.