Guam - For the first time in years, Standard & Poor's has upgraded Guam's credit rating. According to a release from the Governor's Office, the S&P credit rating upgrade validates that Governor Eddie Calvo has been making the right decisions.
The Calvo Administration notes how the governor's political detractors have been pointing at the government's debt, complaining that the governor paid tax refunds by refinancing that short-term obligation into long-term debt. They add the upgrade happens at a time when the U.S. is at risk for a credit rating downgrade.
"We fixed our finances because behind all these numbers are the faces of Guamanians who needed their money, needed the pay they earned and needed for their government to finally make good on its promises," Governor Calvo says. "We're humbled that this is now part of our history and part of our record."