Pierre, SD (KELO-AM) Governor Dennis Daugaard (R) has announced that Standard & Poor has revised South Dakota’s state outlook from “stable” to “positive” and renewed the state’s AA+ issuer credit rating.
“This is good news for South Dakota. Not only did S&P grant us a strong credit rating, they affirmed our optimism about the state’s direction,” said Gov. Daugaard. “We’ve worked hard to place our state on a firm financial footing, and that stewardship is paying off.”
The outlook evaluation serves as a measurement of how a state is trending. South Dakota earned a positive outlook thanks in part to strong personal income growth relative to the nation, its historical record of conservative budgeting, and recent legislative and executive changes in monitoring and forecasting revenue.
S&P cites the state’s fully-funded pension program among the reasons for an improvement in outlook, and says if the state continues on the same path they could raise South Dakota’s rating.