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Standard And Poor’s Upgrades South Dakota’s Credit Rating

Associated Press0

PIERRE, S.D. (AP) — A national credit rating agency has upgraded South Dakota to the highest rating it issues.

The New York-based Standard and Poor’s on Monday cited the state’s “consistently strong” financial position and record of “conservative budgeting” in upgrading the state from “AA+” to “AAA.”

South Dakota joins 15 other states that have also been given the agency’s highest rating.

Gov. Dennis Daugaard says he’s “very pleased” with the upgrade. The governor says his administration has met with ratings agencies and has put forward policies and practices to help secure the rating.

Credit ratings give potential bond purchasers a measurement of state performance and credit worthiness.

Daugaard’s office says upgrades typically allow issued bonds to carry a lower interest rate, providing interest savings to issuers such as the South Dakota Building Authority.

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