Guam News - Guam News

Guam - The Governor's Office says the latest bond rating is the best ever for GovGuam.

A release quotes Governor Calvo as saying “We fought really hard for the tax refunds, and we couldn’t be happier about this news. The highest credit ratings in our history were just affirmed, even though the global community is in financial upheaval. That says we’re doing things right on Guam.”

However, the Governor is also quoted as saying that "the island has a long way to go to fix decades of instability and lost opportunity that has caused so much poverty."

READ the release from the Governor's Office in FULL below:

Standard & Poors Affirms Highest Credit Rating in Guam History; Confidence builds: tax refunds to the people no later than mid-June

FOR IMMEDIATE RELEASE
May 9, 2012

Gas prices are down and half of the 2011 tax refunds money is one step closer to the bank. This is not such a bad day for Guamanians.

After news broke of Fitch rating agency’s affirmation of its ‘A-‘ with a stable outlook for the Series B bonds, Standard & Poors affirmed its ‘A’ rating with a stable outlook. The agency will release its report tomorrow.

“We fought really hard for the tax refunds, and we couldn’t be happier about this news,” Governor Calvo said. “The highest credit ratings in our history were just affirmed, even though the global community is in financial upheaval. That says we’re doing things right on Guam.”

The Governor acknowledges the island has a long way to go to fix decades of instability and lost opportunity that has caused so much poverty.

“Getting the people back the money they are owed is a good start,” Senator Frank Blas, Jr. said. “This is their money. With the Governor and the legislature working together, we will implement the hard reforms that will restore the public’s trust and build this island to its greatest heights.”