Moody's Investors Service has upgraded the state of Florida's credit rating from Aa1 to Aaa, its highest rating.
"Ratings at this level are judged to be of the highest quality, with minimal credit risk for bondholders," Moody's said in a statement.
The agency said it also upgraded bonds and certificates of participation issued by three state agencies, including revenue bonds issued by the Florida Lottery.
"State finances are characterized by healthy reserves and historically strong governance practices and policies that are expected to continue," Moody's said.
The news from Moody's helps to advance the election-year message from Gov. Rick Scott, a U.S. Senate candidate, that Florida's economy is getting stronger. Scott said it's the first time in Florida's history that all three rating agencies have given the state their highest ratings:
"This is a clear indicator of the strength of Florida's economy and will save taxpayers money in future state interest payments," Scott said.