CHEYENNE, Wyo., July 17 -- The Wyoming Treasurer's Office issued the following news release:
Today, State Treasurer Joe Meyer released an analysis of Wyoming's economy and fiscal practices by Standard and Poor's. Standard and Poor's raised its issuer credit rating for the State of Wyoming from AA to AA+.
Meyer noted "The rating increase is primarily due to a decision I made last summer to not issue tax and revenue anticipation notes (TRANs) to fund general cash flow requirements for public schools by borrowing money. The state treasury is very liquid and sound and is fully capable of funding legislative appropriations without borrowing money from the private sector. Wyoming should not join most other states in borrowing money to pay for current operating expenditures. As long as I am here it is not going to happen again."
The analysis also noted the strong fiscally conservative nature of the Wyoming Legislature and Governor in creating strong reserves and sound fiscal investment practices which have protected and will protect present and future Wyoming citizens from downturns in mineral revenues. Meyer also noted that the only way Wyoming's credit rating would be raised further is if the state of Wyoming borrowed more money on the private markets and had a good track record of repayment. Since Wyoming does not need to borrow money, he noted that he is willing to forego further increases in Wyoming's credit rating.
Meyer added that he will be releasing Fiscal Year 2008 investment results for the State of Wyoming next week. Wyoming's investment revenue returns have been so remarkable, and the portfolio has been managed in such a conservative fashion, that the financial difficulties being faced in other states and nationally can be minimized for Wyoming citizens.
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