Missouri Taxpayers to Save $3 Million Through Bond Refinancing
This week, the State of Missouri will refinance a current series of bonds, saving Missouri taxpayers approximately $3 million.
"This bond sale is just one example of how we continue working to maintain our AAA credit rating, which will save millions for Missouri taxpayers," Governor Mike Parson said.
Specifically, the refinancing will refund a portion of the outstanding bonds issued to fund the Chillicothe Correctional Center. The outstanding interest rate of 0.82 percent increased expected savings on the Series A 2020 bonds.
According to Moody’s Investor’s Service, “The credit profile of the State of Missouri (AAA stable) is characterized by a history of solid reserve levels, sound fiscal management controls, and below average debt and pension burden.”
S&P Global Ratings said the AAA rating reflected the company’s view of Missouri’s long-term creditworthiness.
"This is great news for the state of Missouri," Governor Parson said. "We always want to do what's best for our citizens, and this shows we're doing just that."
Over the past ten years, the State of Missouri has paid down more than $200 million in state debt.
The Board of Public Buildings met on February 27 to discuss the purchase, sale, and issuance of the Special Obligation Refunding Bonds, Series A 2020.
Governor Parson, Lieutenant Governor Mike Kehoe, and Attorney General Eric Schmitt were in attendance.