Ratings agency give high marks; Tax refunds bonds expected to sell on May 23
FOR IMMEDIATE RELEASE
May 9, 2012
Governor Calvo’s fight for your tax refunds is one step closer to returning your money to your pocket.
Fitch rated the Series B tax refunds bonds at ‘A-.’ They also affirmed the ‘A-‘ rating for the Series A bonds.
“You look at everything going on in the world with global finances, and here we are sustaining the highest credit ratings in our history,” Governor Calvo said. “This is a testament to the right financial decisions we are making and the priority we are giving to the tax refunds debt to the people. This A- rating is not only an affirmation of our credit, it’s an affirmation of our commitment to paying Guamanians what they are owed.”
Fitch confirmed its previous commendations of the Calvo administration for its fiscal reform efforts, which is part of the reason for their confidence in our bonds:
“The current administration is taking steps to achieve structural balance in the budget including a hiring freeze, reductions in the use of electricity and vehicles, a rescinding of across-the-board pay increases, 2% budget retention for all agencies and other cost reductions,” the Fitch report states.
To read the press release issued from FitchRatings, click here: Fitch Rating Series B
More information will be released as news from New York becomes available.
Please call Troy Torres at 486-8887 or 475-9304 for more information.
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