OT Virginia : One of Only Seven States in the country to hold three AAA ratings (Mark Warner For President)

Governor Warner Announces Aaa Bond Rating Has Been Reaffirmed by
Moody's Investors Service [archive, 2004, see cite]

- Virginia, [the first state to elect a black Governor since the
Civil War], had been on "Watchlist" with Moody's since September
-

[note: 2003 would've been the first year when Mark Warner was
completely able to wrestle the economy back to the ground, after eight
straight years of Pennsylvania-like Republican "Conservative" fiscal
irresponsiblity.

See JIM GILMORE, GEORGE ALLEN]

RICHMOND - Governor Mark R. Warner today announced that the
Commonwealth of Virginia's Aaa bond rating has been reaffirmed by
Moody's Investors' Service. Moody's action reverses an earlier
decision to place the Commonwealth on its Watchlist for possible rating
downgrade. Moody's has also elected to upgrade Virginia's outlook
from negative to stable.

[**]Virginia remains one of only seven states to hold a Aaa bond rating
from all three national rating agencies, and has held the Aaa rating
longer than any other state in the nation.[**]

"Through the courageous efforts of a broad, bi-partisan coalition of
Virginians, we took direct and aggressive action this past legislative
session to restore long-term stability to the state's finances,"
said Governor Warner.

"Being a triple-A state carries with it a special type of
responsibility. For us, it meant returning to Virginia's tradition of
fiscally conservative management.

"That means we meet our core funding obligations, manage our affairs in
a businesslike fashion, and prepare to make Virginia's future
brighter than its present.

"Moody's action today confirms the choices we made, and renews the
seal of approval that allows Virginia to borrow at the best possible
interest rates.

"It also serves as a clear sign to existing and potential employers
that Virginia is a great place to do business."

In September, 2003, Moody's Investors Service placed Virginia on its
Watchlist, normally the first step toward a ratings downgrade, citing a
deteriorating balance sheet, economic weakness, increasing spending
requirements for Medicaid and other programs, the phase-out of the car
tax and the significant draw down of the Revenue Stabilization Fund.
Moody's action today reverses those decisions.

[**]
The opinion released today from Moody's cites three factors in
reaffirming the Aaa rating:

Confirmation of the Commonwealth of Virginia's Aaa general obligation
bond rating is based primarily on three factors:
improving revenues brought on by a recovering economy;
a budget and tax reform package that restrains spending growth and
provides significant new sources of recurring revenue;
and a cap of on the state's liability for phasing out the annual
personal property tax on automobiles.

These measures will restore the state's structural budget balance and
illustrate the strength of the Commonwealth's long tradition of
conservative financial management.

"I believe that the replenishment of the Rainy Day Fund, the tax
reform legislation adopted by the General Assembly, and the future
capping of the car tax convinced Moody's of the Commonwealth's
commitment to long-term financial stability," said Steven Kantor,
Senior Vice President of First Southwest Company, and the
Commonwealth's financial advisor on Wall Street.
[did he say "Rainy Day Fund"? What is that, Bush?]

"Economic cycles come and go, but actions taken by the General
Assembly and Governor Warner gives investors confidence that Virginia
will continue to honor its financial commitments and upgrade its
infrastructure."

Since March of 2003, six states have been downgraded by Moody's, five
by FitchRatings, and five by Standard and Poor's Public Finance
Ratings.

Virginia has never been downgraded, only put on Watchlist with a
"negative outlook."

With this action, Virginia returns to a stable outlook, and retains the
distinction of having the highest credit rating possible from
Moody's, FitchRatings, and Standard and Poor's Public Finance
Ratings.

[Press and Policy > News Releases > Governor Warner In The News,
[url]http://www.governor.virginia.gov/Press_Policy/Releases/2004/May04/0527.htm][/url]

now how's about that folks?

He's just a good Virginia boy... this Mark Warner.

Learning Richard wrote:
[color=blue]
> Governor Warner Announces Aaa Bond Rating Has Been Reaffirmed by
> Moody's Investors Service [archive, 2004, see cite]
>
> - Virginia, [the first state to elect a black Governor since the
> Civil War], had been on "Watchlist" with Moody's since September
> -
>
> [note: 2003 would've been the first year when Mark Warner was
> completely able to wrestle the economy back to the ground, after eight
> straight years of Pennsylvania-like Republican "Conservative" fiscal
> irresponsiblity.
>
> See JIM GILMORE, GEORGE ALLEN]
>
> RICHMOND - Governor Mark R. Warner today announced that the
> Commonwealth of Virginia's Aaa bond rating has been reaffirmed by
> Moody's Investors' Service. Moody's action reverses an earlier
> decision to place the Commonwealth on its Watchlist for possible rating
> downgrade. Moody's has also elected to upgrade Virginia's outlook
> from negative to stable.
>
> [**]Virginia remains one of only seven states to hold a Aaa bond rating
> from all three national rating agencies, and has held the Aaa rating
> longer than any other state in the nation.[**]
>
> "Through the courageous efforts of a broad, bi-partisan coalition of
> Virginians, we took direct and aggressive action this past legislative
> session to restore long-term stability to the state's finances,"
> said Governor Warner.
>
> "Being a triple-A state carries with it a special type of
> responsibility. For us, it meant returning to Virginia's tradition of
> fiscally conservative management.
>
> "That means we meet our core funding obligations, manage our affairs in
> a businesslike fashion, and prepare to make Virginia's future
> brighter than its present.
>
> "Moody's action today confirms the choices we made, and renews the
> seal of approval that allows Virginia to borrow at the best possible
> interest rates.
>
> "It also serves as a clear sign to existing and potential employers
> that Virginia is a great place to do business."
>
> In September, 2003, Moody's Investors Service placed Virginia on its
> Watchlist, normally the first step toward a ratings downgrade, citing a
> deteriorating balance sheet, economic weakness, increasing spending
> requirements for Medicaid and other programs, the phase-out of the car
> tax and the significant draw down of the Revenue Stabilization Fund.
> Moody's action today reverses those decisions.
>
> [**]
> The opinion released today from Moody's cites three factors in
> reaffirming the Aaa rating:
>
> Confirmation of the Commonwealth of Virginia's Aaa general obligation
> bond rating is based primarily on three factors:
> improving revenues brought on by a recovering economy;
> a budget and tax reform package that restrains spending growth and
> provides significant new sources of recurring revenue;
> and a cap of on the state's liability for phasing out the annual
> personal property tax on automobiles.
>
> These measures will restore the state's structural budget balance and
> illustrate the strength of the Commonwealth's long tradition of
> conservative financial management.
>
> "I believe that the replenishment of the Rainy Day Fund, the tax
> reform legislation adopted by the General Assembly, and the future
> capping of the car tax convinced Moody's of the Commonwealth's
> commitment to long-term financial stability," said Steven Kantor,
> Senior Vice President of First Southwest Company, and the
> Commonwealth's financial advisor on Wall Street.
> [did he say "Rainy Day Fund"? What is that, Bush?]
>
> "Economic cycles come and go, but actions taken by the General
> Assembly and Governor Warner gives investors confidence that Virginia
> will continue to honor its financial commitments and upgrade its
> infrastructure."
>
> Since March of 2003, six states have been downgraded by Moody's, five
> by FitchRatings, and five by Standard and Poor's Public Finance
> Ratings.
>
> Virginia has never been downgraded, only put on Watchlist with a
> "negative outlook."
>
> With this action, Virginia returns to a stable outlook, and retains the
> distinction of having the highest credit rating possible from
> Moody's, FitchRatings, and Standard and Poor's Public Finance
> Ratings.
>
> [Press and Policy > News Releases > Governor Warner In The News,
> [url]http://www.governor.virginia.gov/Press_Policy/Releases/2004/May04/0527.htm][/url]
>
> now how's about that folks?
>
> He's just a good Virginia boy... this Mark Warner.
>
>[/color]

Mark Warner is lucky. Northern Virginia is growing more high tech (high
pay) jobs due to the Route 28 High Tech Corridor and proximity to the
Federal government. Everyone in Northern Virginia knew the car tax
would be replaced by another source of income, in this case taxes on the
house. Tax revenues are up because the "value" of the houses are being
driven up to unreal highs. The car tax does no impact me much since I
have a car old enough to not need emission test anymore.