State of Delaware Maintains Triple-A Bond Rating
This is a good way to start the New Year.
On January 1st, 2009 Governor Ruth Ann Minner announced the State of Delaware has received the highest possible credit rating for its anticipated sale of general obligation bonds in mid-January.
Delaware has maintained a triple-A bond rating from all three major rating agencies since 2001, making Governor Minner the first chief executive in the state’s history to receive this rating during her entire eight-year tenure as Governor. Delaware joins the select group of just six states that have held a triple-A bond rating from all three rating agencies during the same period of time.
A triple-A rating means Delaware will pay the lowest interest rates on borrowed money, which ultimately saves taxpayers money.
Do you want to invest in the State of Delaware?
Secretary of Finance Richard S. Cordrey announced that in connection with this sale, $115 million in state bonds will be set aside for individual investors. Orders from individual retail investors will be taken by selected brokers on January 12th and 13th. The bonds will be offered in increments of $1,000 and in maturities from one to 20 years. The remainder of the bonds will be sold by competitive bid on January 14, 2009. The state expects to sell a total of $225 million triple-A rated bonds, of which $115 million will be set aside for individual retail investors.
“Delaware bonds are a smart investment because of their triple-A rating and their exemption from state and federal income taxes,” Secretary Cordrey said.
An estimate of the rates on each maturity of bonds will be available from the brokers listed below.
Morgan Stanley has been selected as the lead marketer of the retail bonds and will be joined by the following brokers, any of which may be contacted by individuals interested in purchasing bonds:
Banc of America Securities LLC
(866) 790-8962
Barclays Capital
(800) 392-5000
Citi Smith Barney
(877) 801-4593
Edward Jones
(800) 335-6637
Janney Montgomery Scott LLC
(800) 666-0073
JPMorgan Securities Inc.
(888) 299-7553
Merrill Lynch & Co.
(800) 937-0424 Wilmington
(800) 487-4518 Rehoboth Beach
(800) 937-0631 Dover
Morgan Stanley
(800) 745-5455
Stifel, Nicolaus & Company, Incorporated
(800) 342-2325
Wachovia Securities LLC
(800) 234-3330 or (800) 353-2130
For further information, call (302) 577-8539 or go to www.buybonds.delaware.gov.