For Immediate Release
Date: March 27, 2024


Communications Director
6032712121 |

Fiscal Prudence Delivers Results: S&P Global Upgrades NH Ratings for First Time in Decades

Concord, NH – Today, after S&P Global upgraded New Hampshire's General Obligation ratings from "AA" to "AA+" Governor Chris Sununu issued the following statement:

"Good fiscal management delivers good results," said Governor Chris Sununu. "For the first time since 1995, S&P Global has upgraded the State's General Obligation Debt Rating to reflect the strong, sustainable, and efficient position we have put ourselves in over the last few years. Our limited government approach has remained flexible and nimble – allowing us to reinvest in key areas of need while putting the individual ahead of the system."

These rating upgrades will help the state borrow funds at a lower cost, signal to the business community that New Hampshire is a strong and stable state to do business in, and make New Hampshire bonds more attractive to those who place a premium on security.

Among the report highlights:

"The long-term rating reflects our view of New Hampshire's diverse economy and favorable population growth that have outpaced those of most regional peers and more closely align with the nation, enabling the state to generate strong revenue collections and achieve large financial surpluses. It also reflects our view of the state's emphasis on structural balance in recent biennial budgets and its commitment to building very strong unassigned balances and deposits to its Revenue Stabilization Reserve Account (RSRA), which we expect will extend beyond the current biennium and more readily prepare the state to manage future economic slowdowns or potential revenue pressures."

"The state's workforce returned to pre-pandemic levels and population growth continues to outpace the New England Region."

"New Hampshire's governmental framework is strong relative to that of other states, reflecting our assessment of its relative flexible revenue structure and ability to adjust intergovernmental spending to deal with changing fiscal and economic conditions."

"The upgrades incorporate our view of New Hampshire's improved economic and demographic growth trends that continue to perform near or above those of the U.S. and regional peers, and our view of the state's demonstrated commitment to controlling expenditure growth, preserving revenue stability, and building higher reserve balances across recent economic cycles that we believe position it to sustain financial stability in the current and future biennial budgets."