Washington State Wire
The State Treasurer wants Washington residents and the Legislature to know just how much debt the state has amassed, releasing a study on the state’s debt portfolio and other financial obligations.
The Treasurer’s 2020 Debt Affordability Study encourages transparency, educates the public on the state’s financial condition, and informs policymakers as they make budgetary and capital spending decisions.
“Washington is one of the most highly leveraged states in the country,” Treasurer Duane Davidson said in a letter prefacing the study, in which he notes that the state’s total outstanding obligations at the close of Fiscal Year 2019 totaled $21.3 billion.
Despite the state’s high debt levels, Washington’s credit rating from Moody’s was upgraded to Aaa from Aa1 in August of 2019, which is the highest possible rating from the agency.