Moody's Affirms Utah's Aaa Credit Rating, Citing Strong Fiscal Governance and Resilience

SALT LAKE CITY - Moody’s Ratings has reaffirmed Utah’s Aaa issuer credit rating, reflecting the state’s strong economy, exemplary fiscal management, and minimal debt. Utah has never been rated below Aaa by any credit rating agency for its largest and most common debt, general obligation (GO) bonds. Currently, there are only 14 states that hold Aaa ratings with each of the big three rating agencies. 

This high credit rating will allow Utah to continue to receive low borrowing costs, saving taxpayer dollars by reducing the amount the state must pay in interest on bonds used to fund critical infrastructure and public services.

“These ratings reflect the fact that our hard work is paying off,” said Gov. Cox. “Utah continues to be recognized as one of the best-managed states in the nation because of our commitment to fiscal responsibility and the incredible work of public servants who take that responsibility seriously every day.”

Moody’s cited Utah’s tradition of conservative fiscal and liability management as key strengths to the state’s success. The report also highlighted the state’s ability to nimbly navigate future economic challenges, supported by its disciplined approach to education, transportation, and healthcare spending.

While recognizing Utah’s rapid economic and demographic growth as a net strength, the report points to challenges, especially for housing affordability and infrastructure, that come with sustaining such robust growth. Moody’s emphasized that the state’s proactive fiscal governance positions it to continue its track record of outsized positive performance.

“We don’t take this kind of recognition for granted,” Gov. Cox added. “The recent launch of GRIT and the BUILD Coordination Council reflects our commitment to keep improving by solving problems early and delivering real results for Utahns. A top credit rating is something to be proud of, but it is also a reminder to keep earning that trust every single day.”

The full Moody’s report can be found here.