FILE - Georgia Capitol

The Georgia State Capitol Building in Atlanta.

(The Center Square) — A trio of credit rating agencies gave Georgia AAA bond ratings, which officials say will allow the state to reduce costs when it takes bids this month to sell bonds.

Georgia officials trumpeted the ratings from FitchRatings, Moody’s Investors Service, and S&P Global Ratings to highlight what they say is the state’s stable fiscal outlook.

"Securing the highest possible state bond ratings for yet another year is the result of decades of conservative state leadership and our balanced approach to protect both lives and livelihoods throughout the COVID-19 pandemic," Gov. Brian Kemp, a Republican, said in an announcement. This "news further underscores that the Peach State remains the best place to live, work, and raise a family."

According to a news release, only nine states that issue general obligation bonds meet this rating standard.

"Georgia’s ‘AAA’ ... revenue bond ratings reflect the state’s proven willingness and ability to maintain fiscal balance and a broad-based, growth-oriented economy that supports solid revenue growth over time," FitchRatings said in its analysis. "...The state is well positioned to deal with economic downturns with exceptionally strong gap-closing capacity, due to its broad control over revenues and spending, coupled with its reserve-building practices."

Georgia is planning to take bids on June 22 for the sale of general obligation bonds to fund $754 million in capital projects. Bond proceeds will primarily fund K-12 education, higher education, public safety and economic development.

If interest rates permit, the state could refund outstanding bonds to lower its debt service costs on a portion of the state’s outstanding debt.