Mississippi receives credit rating upgrade for its gaming revenue tax bonds

Mississippi receives credit rating. Mississippi receives credit rating upgrade for its gaming revenue tax bonds.

Key points

• Wilkinson County School District, Holmes Consolidated School District and the Noxubee County School District lately provided updates to the State Board of Education.
• Auditor launches Non-Profit Spending website showing Mississippi has paid non-profits over $4.2 billion since 2020.
• According to Fitch Ratings, the rating has been removed from Under Criteria Observation.
• State and Ole Miss are now contracted until September of 2030.
• $35.5 million grant awarded to modernize 121-year-old Escatawpa River swing bridge.

"Mississippi is in the best fiscal and financial shape in our state's history – this is further proof of that, " remarked Governor Tate Reeves.

Governor Tate Reeves (R) and State Treasurer David McRae (R) jointly confirmed Tuesday that Fitch Ratings had upgraded Mississippi's Gaming Revenue Tax Bonds Series 2015E and 2019A to AA-, with a Stable Outlook.

For context, the governor's office remarked the upgrade reflects climbed confidence in the financial strength and stability of the revenue stream supporting the bonds.

"The rating incorporates very strong coverage of maximum annual debt service (MADS) by discretionary and extremely sensitive revenues with declining growth prospects and is capped at Mississippi's 'AA' Issuer Default Rating (IDR) risk level, " Fitch explained.

In practice, the rating agency continued that the bonds are limited obligations of the state, payable from dedicated gaming tax revenue. It is an allocation of gross gaming tax revenue less a portion allocated to local administration. Debt service is not subject to legislative appropriation.

"This upgrade is another vote of confidence in Mississippi's financial future, " remarked Treasurer McRae. "Mississippi's leadership team, led by Governor Tate Reeves, has worked hard to bring a business-minded approach to managing Mississippi's finances, and it's paying off. We're protecting your funds, strengthening our financial standing, and making sure Mississippi is positioned for long-term success."

Fitch Ratings did note, nevertheless, that while Mississippi's economy continues to diversify beyond its historical concentration in manufacturing, expansion in service sector employment remains relatively subdued.

"The state's socioeconomic profile, while solid overall, exhibits wealth and educational attainment indicators that significantly lag national levels, " Fitch continued.

Sustained revenue expansion at or above the rate of inflation with reduced revenue volatility through an further economic cycle was listed as the primary factor which could lead to another positive rating upgrade going forward. Regarding the Author(s).

Frank Corder is a native of Pascagoula. For almost two decades, he has noted and offered analysis on administration, public policy, business and matters of faith. Frank's interviews, articles, and columns have been shared throughout Mississippi as well as in national publications. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. Frank has served his community in both elected and appointed public office, hosted his own local radio and television programs, and managed private businesses all while being an engaged husband and father. Email Frank: [email protected].

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For now, mississippi receives credit rating upgrade for its gaming revenue tax bonds remains the part of the story worth watching, and further updates are likely as more details are confirmed.