The state Bond Commission has restructured nearly $450 million in outstanding state bonds, saving more than $32 million in Fiscal Year 2018 alone, Treasurer Lynn Fitch announced Thursday in a press release.
“The Bond Commission pays close attention to the financial markets so we can take advantage of favorable market conditions to save Mississippians money,” Fitch said in the release. “Today’s refunding not only eliminates the need for a deficit appropriation for debt service in FY 2018, but also saves taxpayers millions throughout the remaining life of the bonds.”
Such proactive management of state debt is saving $34 million this time, for a total of $69 million since Fitch took office, the release said.
Fitch and Gov. Phil Bryant are in New York City this week for their annual meetings with analysts from the three top credit rating agencies. Fitch said she and Bryant are emphasizing steps taken to improve the state’s budgeting and borrowing, including the Fortify Act passed during the Legislature’s special session earlier this month and debt management rules adopted by the Bond Commission.
Current ratings, according to the release from the Treasurer:
Fitch Ratings: AA/Stable
S&P: AA/Negative
Moody’s: Aa2/Negative