The state has again received top ratings for its short-term debt from the three largest credit-rating agencies in New York, Idaho Treasurer Ron Crane said.

Moodys issued a MIG-1, Standard & Poors issued a SP1+, and Fitch awarded a F1+ rating for state tax-anticipation notes. The ratings are the equivalent of AAA ratings for commercial debt.

Crane issues tax-anticipation notes because Idaho's expenditures exceed its revenue collections during the first half of the fiscal year, which runs from July through June. The treasurer makes up the shortfall with the proceeds from the sale of the notes until additional tax collections are received later in the fiscal year.

Idaho is one of the top states in the nation with reserves set aside to weather economic crises, Crane said. Fourteen percent of general fund revenues, or about $400 million, have been put in reserve accounts, he said.

Source: IdahoStatesman.com