by Mindy Aguon
Guam - Governor Eddie Calvo says the Government of Guam's 'B+ with A Stable Outlook' rating from Standard & Poor's should be seen as a major accomplishment. The island's chief executive was part of discussions with the ratings authority and personally explained his administration's budget and deficit elimination plan that seeks to get the island out of its current economic situation.
He told KUAM News, "For us to keep the status quo, I think, was an accomplishment because recent events in other governments including the issues of the federal government, Standard & Poor's has been very, very nervous about the fiscal condition as well as the practices set forth."
The governor adds his fiscal team continues to look for innovative ways to use debt instruments at the lowest interest rates. Calvo believes the government can attain a higher credit rating status and says his administration will unveil how they intend to do that in the coming weeks.
Finance & Taxation Committee chairman Senator Ben Pangelinan added, "So I certainly view it as a positive thing; I view it as the continued efforts to try and work the financial systems within the Government of Guam to work towards reducing our deficit and try to stay within our means."