Moody’s Upgrades Pennsylvania’s Rating Outlook to “Positive” Thanks to the Commonwealth’s Responsible Budgeting and Strong Economy

The credit rating agency has upgraded Pennsylvania’s rating outlook to positive from stable and reaffirmed the Aa3 issuer rating, in a testament to the Commonwealth’s sound fiscal management under the Shapiro Administration

Harrisburg, PA – Today, Moody’s reaffirmed Pennsylvania’s Aa3 issuer credit rating and has upgraded the Commonwealth’s rating outlook to positive from stable, affirming that Pennsylvania’s economy and budgeting practices are strong and setting the Commonwealth up for long-term success. Governor Shapiro has a track record of fiscally responsible management, and today’s announcement is a further demonstration of the Commonwealth’s strong financial position and the importance of making commonsense investments to grow our economy and help Pennsylvania families.

Pennsylvania’s rating outlook was upgraded to positive as a result of significant increase in budget reserves over the past three fiscal years and Moody’s assessment that core rainy day reserves will remain near current levels “due to sound budget management and continued steady revenue growth.” While this assessment is only one of many metrics of Pennsylvania’s economy and fiscal stability, it is an important measurement of the Commonwealth’s financial outlook.

“Today’s rating reaffirms that our Commonwealth is on sound financial footing – and that with the commonsense investments we are making, Pennsylvania is on a path for continued economic growth,” said Governor Josh Shapiro. “Together with leaders in both parties, we passed a bipartisan, commonsense budget that makes historic investments in Pennsylvania schools and businesses, supports our law enforcement and first responders, and makes our families healthier. I’m proud that Pennsylvania has been recognized for our sound financial management – and my Administration will keep working to grow our economy and ensure the Commonwealth’s fiscal outlook remains strong.”

“Sound financial management makes a difference in the lives of Pennsylvanians every day – and this rating and upgraded outlook affirms that the Shapiro Administration is making responsible decisions to ensure fiscal stability for our Commonwealth,” said Secretary of the Budget Uri Monson

Governor Shapiro also announced that the Commonwealth of Pennsylvania received the Distinguished Budget Presentation Award for the Annual Budget for fiscal year 2023-24 and the Certificate of Achievement for Excellence in Financial Reporting – the highest form of recognition in governmental accounting and financial reporting – from the Government Finance Officers Association.

The press release issued by Moody’s Investors Services can be found here and a chart of Pennsylvania’s ratings’ history can be found here.

For more information on the bipartisan, commonsense budget, visit

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