Delaware
Governor Carney Announces Delaware’s General Obligation Bonds Again Earn Triple-A Ratings and Attract Excellent Pricing – State of Delaware News
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
The story behind the Kalmar Nyckel
Here’s the story behind the Kalmar Nyckel, the Swedish Mayflower of the Delaware Valley. 10/29/24
Sunday’s autumn weather was perfect for the inaugural Delaware Fall Festival.
The event took place at Battery Park in the historic Old New Castle area of New Castle, providing the ideal setting for a community gathering and a worthy cause.
The free event was organized to raise funds and awareness for the New Castle Outdoor Recreation Coalition’s planned expansion of the park’s playground. Phase 2 of the Battery Park Playground Project will feature a replica of the Kalmar Nyckel, the Swedish flagship that brought settlers who established the first permanent European settlement in the Delaware Valley in 1638.
The festival featured live entertainment, children’s activities, and various food vendors.
Renee Duval, a three-year resident of New Castle, attended the festival with her husband and two children. As regular visitors to Battery Park who often stroll the path near Deemers Beach, they were excited to explore the event after hearing about the food trucks, music, and vendors.
Among the vendors was Theresa Batts, owner of Batts Concessions from Hartford County, Maryland, who learned about the festival through social media. She said the timing was perfect. She and her husband prefer to sell on weekends, but it is very hard to find events on a Sunday. And this weekend, they were celebrating their business’s first anniversary. Batts Concessions offered an array of treats, including kettle corn, homemade peanut brittle, various nuts, and cotton candy. When asked how sales were going, Batts replied, “Fantastic. No complaints. We would definitely do it again next year.”
Delaware Fall Festival organizers hope to make this an annual tradition for the historic waterfront community.
You can contact Anitra Johnson at ajohnson@delawareonline.com.
For many people, Thanksgiving means full stomachs, full hearts … and full roads.
According to AAA, travel over the Thanksgiving holiday is expected to set records. Jana Tidwell is with AAA.
“Nearly 217,000 Delawareans will travel 50 miles or more for the holiday,” she said. “That’s more than 20% of the population. Of those traveling in Delaware, more than 91% will travel by car.”
Tuesday and Wednesday are likely to be the worst travel days on the roads.
“The challenge with Tuesday and Wednesday is that holiday travelers will be mixing with commuters, especially in the late afternoon time,” Tidwell said.
Tidwell suggests traveling during off-peak times, like early in the mornings or after the evening rush hour. Whenever you travel, Tidwell says to be patient, follow the rules of the road, and avoid distractions like cell phones and eating behind the wheel.
AAA notes the window for holiday travel is longer this year, adding Tuesday before Thanksgiving and the Monday after to their definition of the holiday weekend. Tidwell says that’s because the advent of remote work and changes in school schedules have allowed for more flexibility in travel.
Claiming lottery in Delaware
18 states have laws that allow national lottery prize jackpot winners to remain anonymous, but is Delaware among them?
The Delaware Lottery offers several draw games for those aiming to win big. Here’s a look at Saturday, Nov. 23, 2024 results for each game:
Winning Powerball numbers from Nov. 23 drawing
12-13-34-44-67, Powerball: 08, Power Play: 3
Check Powerball payouts and previous drawings here.
Winning Play 3 numbers from Nov. 23 drawing
Day: 7-9-1
Night: 8-5-1
Check Play 3 payouts and previous drawings here.
Winning Play 4 numbers from Nov. 23 drawing
Day: 8-4-2-0
Night: 3-6-9-6
Check Play 4 payouts and previous drawings here.
Winning Multi-Win Lotto numbers from Nov. 23 drawing
02-05-09-20-27-31
Check Multi-Win Lotto payouts and previous drawings here.
Winning Lucky For Life numbers from Nov. 23 drawing
11-20-21-26-31, Lucky Ball: 07
Check Lucky For Life payouts and previous drawings here.
Winning Lotto America numbers from Nov. 23 drawing
02-08-10-14-49, Star Ball: 09, ASB: 02
Check Lotto America payouts and previous drawings here.
Winning Play 5 numbers from Nov. 23 drawing
Day: 9-3-5-9-8
Night: 9-9-6-1-6
Check Play 5 payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Are you a winner? Here’s how to claim your lottery prize
- Sign the Ticket: Establish legal ownership by signing the back of your ticket with an ink pen.
- Prizes up to $599: Claim at any Delaware Lottery Retailer, in person at the Delaware Lottery Office, or mail your signed ticket and claim form; print your name/address on the ticket’s back and keep a copy/photo for records. By mail, send original tickets and documentation to: Delaware Lottery, 1575 McKee Road, Suite 102, Dover, DE 19904.
- Prizes up to $2,500: Claim in person at Delaware Lottery Retailer Claim Centers throughout Kent, Sussex and New Castle Counties.
- Prizes of $5,001 or more: Claim in person at the Delaware Lottery Office (business days 8 a.m. to 4 p.m.) with a photo ID and Social Security card.
- For all prize claims, directions to the Delaware Lottery Office are available online or via mapquest.com for a map.
Check previous winning numbers and payouts at Delaware Lottery.
Can I claim a jackpot prize anonymously in Delaware?
Fortunately for First State residents, the Delaware Lottery allows winners remain anonymous. Unlike many other states that require a prize be over a certain jackpot, Delawareans can remain anonymous no matter how much, or how little, they win.
How long do I have to claim my prize in Delaware?
Tickets are valid for up to one year past the drawing date for drawing game prizes or within one year of the announced end of sales for Instant Games, according to delottery.com.
When are the Delaware Lottery drawings held?
- Powerball: 10:59 p.m. Monday, Wednesday, and Saturday.
- Mega Millions: 11:00 p.m. on Tuesday and Friday.
- Play 3, 4: Daily at 1:58 p.m. and 7:57 p.m., except Sunday afternoon.
- Multi-Win Lotto: 7:57 p.m. Monday, Wednesday, and Friday.
- Lucky for Life: Daily at 10:38 p.m.
- Lotto America: 11:00 p.m. Monday, Wednesday, and Saturday
Missed a draw? Peek at the past week’s winning numbers.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Delaware Online digital operations manager. You can send feedback using this form.
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