Hello, this is Governor Janet Mills, and thank you for listening.
Over the past six-and-a-half years, my administration has invested in Maine people, in public education, and in our economy. We've produced responsible, balanced state budgets – all without raising broad-based taxes. Despite periods of national economic uncertainty, including a worldwide pandemic, international credit rating agencies have reaffirmed the State of Maine's financial stability, ever since I've taken office, improving our ratings over the previous eight years.
Just recently, Fitch Ratings upgraded its bond rating for the State of Maine to AA+, the second-highest rating they issue. Fitch applauded our "proven ability to maintain significantly improved dedicated operating reserves through a challenging budget cycle." Put another way, Fitch is confident that we can weather an economic downturn with the reserves we have on hand, including the Budget Stabilization or "Rainy Day" Fund, which we have increased to a record high of more than $1 billion, the maximum allowed in state law reserved for rainy days.
Moody's and S&P, the two other leading credit agencies, also recently confirmed our ratings. Moody's reaffirmed its rating of Aa1 for Maine, their second-highest possible rating, and S&P also reaffirmed its AA rating for Maine. Fitch and Moody's both upgraded our rating after it had been downgraded under the prior administration. These improved ratings mean that Maine is a better investment for people, that Maine can borrow money, if it wishes, at a better interest rate. We are healthy financially, economically.
The Department of Administrative and Financial Services also reported that the State of Maine ended the 2025 fiscal year recently, with more than $150 million General Fund surplus, which has now been allocated, according to law, to fix roads and bridges and help pay for health care.
This significant ratings upgrade from Fitch, combined with our healthy reserves, shows the strength of Maine's financial picture as we face financial headwinds from Washington. I look forward to maintaining the progress we've made for Maine people, continuing to balance our budget, provide economic stability – again without increasing broad-based taxes.
This is Governor Janet Mills, and thank you for listening.