Every state has been hit hard by the global economic crisis.
State budgets across the country have seen record shortfalls and deficits. But not many states have dealt with these financial hardships as well as North Carolina. Experts have lauded North Carolina’s budget management.
Last month, the state’s AAA bond rating was reaffirmed by the three rating agencies. North Carolina was one of only seven states to get the AAA bond rating from all three agencies. The other states were Delaware, Maryland, Virginia, Georgia, Missouri and Utah.
In particular, Moody’s emphasized the state’s proactive budget management: “Moody’s believes that the state’s strong executive management and proactive responses to its unexpected budget shortfalls will enable North Carolina to manage ongoing fiscal pressures.”
Additionally, a recent Pew Center on the States study of states in fiscal peril put North Carolina in the top 20 of states in the best financial condition.