Iowa is facing very tough financial times and state budget cuts, but the state’s financial credit rating is stable. Iowa Treasurer Michael Fitzgerald says Moody’s Rating Service has just issued Iowa a “double-A-one” rating, while many other states have been switched to a negative rating. Fitgerald explains the rating service clearly believes Iowa is in a good position to weather the economic downturn. The high rating is valuable in situations like when Iowa borrows money for the Vision Iowa program, as it lets the state get more money at a better rate. He says it can also help cities, counties and school systems to be in a state with such a good credit rating.
