Credit rating for Guam upgraded from BB- to B+ - KUAM.com-KUAM News: On Air. Online. On Demand.

Credit rating for Guam upgraded from BB- to B+

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by Ken Quintanilla

Guam - For the first time in years, Standard & Poor's has upgraded Guam's credit rating to a BB- from B+.

According to Bloomberg.com, the rating upgrade is still three steps below investment grade by S&P on signs of a strengthening financial position.

The financial information leader further notes that the "rating action reflects our view of the government's improved financial management practices" and the outlook on Guam's general obligation debt is stable based on a view that "tourism and the economy are likely to improve during the next two years, benefiting Guam and providing it with opportunities to improve its financial position."

The Governor's Office meanwhile says the S&P credit rating validates that Governor Eddie Calvo has been making the right decisions adding the upgrade happens at a time when the U.S. is at risk for a credit rating downgrade.

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