Kentucky is boasting of another credit rating increase from a major agency, and the state property tax rates are set to decrease.
During his Team Kentucky update Thursday, Governor Andy Beshear says this is the second credit rating increase in the last two months and S&P Global Ratings put the state’s rating at an A+. Governor Beshear says it’s a great sign that the Commonwealth is moving in the right direction and the increase benefits every community in some way.
The real property tax rate has dropped once again, down to 11.4 cents per $100 of assessed value, down from 11.5.
Governor Beshear says he knows that doesn’t seem like much, but every little bit counts at a time where Kentuckians are still facing high levels of inflation.
In general, the credit rating is a measure of the state’s ability to pay debts and the overall health of Kentucky’s economy. The agency said the upgrade reflects the state’s commitment and execution of efforts to strengthen budgetary flexibility and long-term financial stability.