Posted on: July 10, 2017

Positive S&P rating review of Texas budget says state has 'turned corner' after oil downturn

Texas' $217 billion budget for the next two years is "neutral," meaning it won't have a positive or negative effect on the state's overall credit rating, according to S&P Global Inc., which also projected Texas employment will continue to grow at about 2 percent annually, outpacing the national average.

The state got high marks for new transportation spending from S&P and a slightly negative assessment on the decision to delay paying for Medicaid case growth over the next two years. S&P (NYSE: SPGI), a New York City-based financial info and analytics company, currently rates Texas’ general obligation debt as "AAA," the highest rank possible, signaling the obligator is "extremely" likely to pay back the money.

“We believe Texas’ economy has turned the corner following the prolonged oil and gas downturn,” S&P credit analyst Nora Wittstruck said. “We believe accelerated job growth will drive improved revenue collections for fiscal years 2018 and 2019.”

Read the full Austin Business Journal Article.

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