The PennZone

Harrisburg, PA ~ Moody's Investors Services has upgraded Pennsylvania's rating outlook to positive from stable and reaffirmed the Aa3 issuer rating, in a testament to the Commonwealth's sound fiscal management under the Shapiro Administration.

The upgrade is a result of significant increase in budget reserves over the past three fiscal years and Moody's assessment that core rainy day reserves will remain near current levels "due to sound budget management and continued steady revenue growth."

Governor Josh Shapiro expressed his pride in Pennsylvania being recognized for its sound financial management. "Today's rating reaffirms that our Commonwealth is on sound financial footing – and that with the commonsense investments we are making, Pennsylvania is on a path for continued economic growth," said Governor Shapiro. "Together with leaders in both parties, we passed a bipartisan, commonsense budget that makes historic investments in Pennsylvania schools and businesses, supports our law enforcement and first responders, and makes our families healthier. I'm proud that Pennsylvania has been recognized for our sound financial management – and my Administration will keep working to grow our economy and ensure the Commonwealth's fiscal outlook remains strong."

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Secretary of the Budget Uri Monson also commented on the importance of this rating for Pennsylvanians. "Sound financial management makes a difference in the lives of Pennsylvanians every day – and this rating and upgraded outlook affirms that the Shapiro Administration is making responsible decisions to ensure fiscal stability for our Commonwealth," said Secretary Monson.

In addition to Moody's upgrade of Pennsylvania's rating outlook, Governor Shapiro also announced that the Commonwealth of Pennsylvania received the Distinguished Budget Presentation Award for the Annual Budget for fiscal year 2023-24 and the Certificate of Achievement for Excellence in Financial Reporting –the highest form of recognition in governmental accounting and financial reporting– from the Government Finance Officers Association.

For more information on Moody's upgrade or on Pennsylvania's bipartisan budget visit shapirobudget.pa.gov or contact ra-gvgovpress@pa.gov

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