By Steven Allen Adams, The Parkersburg News and Sentinel
CHARLESTON — Gov. Patrick Morrisey praised an upgrade in West Virginia’s ratings outlook, but that same report included a warning about the state’s continuing loss of population, reliance on fossil fuel taxes and one-time monies.
S&P Global Ratings, an international credit rating agency, released a report Tuesday and reaffirmed West Virginia’s long-term general obligation bond debt as AA- while revising the state’s outlook from “stable” to “positive.”
S&P also reaffirmed the state’s A+ long-term rating for appropriation debt and upgraded that outlook from stable to positive as well.
In a statement Tuesday afternoon, Morrisey credited S&P’s improved outlook for the state’s financial condition to changes put in place by the West Virginia Department of Revenue in how the state crafts its general revenue budget and good financial management since taking office in January.
“This positive rating action affirms my administration’s approach to our budget and West Virginia’s long-term financial health,” Morrisey said. “S&P’s report highlights my administration’s strong commitment to fiscal responsibility, living within our means, and advancing initiatives which drive government efficiency and accountability. I am proud to oversee the first positive rating action by S&P regarding West Virginia’s creditworthiness in more than a decade.”