New report shows Mississippi’s credit rating remains strong

Fitch Ratings affirms state’s AA rating

Oct. 5, 2024 – Mississippi State Treasurer David McRae Friday announced that Fitch Ratings has affirmed Mississippi’s strong AA credit rating.

“At a time of economic instability nationally, Mississippi is standing tall as a beacon of financial strength,” said McRae. “The truth is that we’ve done things right. We’ve paid our bills on time, kept spending under control, avoided activist ESG investment policies, and ultimately, handled taxpayer dollars like any family would – with respect, care, and fiscal responsibility. Certainly, we’ve faced headwinds as a result of Bidenomics, but I’m proud of the work Governor Tate Reeves, myself, and our state leaders have delivered to weather the storm.”

Along with the AA credit rating, Fitch determined the state’s finances are in “Stable” condition. This comes alongside a plethora of positive news regarding the state’s finances in recent months. This August, the Treasury announced that during the last fiscal year under McRae’s leadership, they were able to earn the state $375 million in interest income, helping alleviate the state’s financial burden on taxpayers.

Since taking office, McRae has also strengthened the financial stability of MPACT. The Legacy Plan, which was just 72 percent funded when McRae took office, is now 99.7 percent funded. The Horizon Plan is fully solvent.

Finally, in September, McRae surpassed $110 million in unclaimed money having been returned to the state during his tenure.