Standard and Poors (S&P) and Moodys Credit Outlook released statements rating the recent decision by the Florida Supreme Court to uphold Governor Scotts proposal for state employees to contribute three percent to their retirement as a positive factor for Floridas credit rating.
Governor Rick Scott said, "It is great news that the S&P and Moodys recognizes last weeks pension ruling as positive for Floridas AAA credit rating. The courts ruling supports our efforts to lower the cost of living for Florida families and we are doing the right things to pay down our states debt and reduce unemployment in Florida. Since I took office two years ago, we have cut state debt by $2 billion and our unemployment has declined to 8.0 percent- the lowest rate in four years. We will keep working to ensure Florida maintains its AAA rating with the S&P, continue to reduce debt and make Florida the most business friendly state in the nation so private-sector jobs can grow for Florida families.," said Scott.
"The S&P said that the decision in favor of the state's pension reform efforts is a positive credit factor. While the decision is still subject to a rehearing motion, if final, the ruling should bring the state and participating governments long-term budget relief and enhance the retirement system's funding over time," said Scott.
"Moodys said The ruling is credit positive for the state of Florida as well as for cities, counties, school districts, and other local governments whose employees are members of the plan," said Scott.