(NASHVILLE, Tenn.), July 22, 2013 — Senate Republican Caucus Chairman Bill Ketron (R-Murfreesboro) said today he is “very proud” of Tennessee’s new ranking as the lowest indebted state in the nation. The ranking came from Fitch Ratings which released a special report on state pensions last week. Fitch Ratings is a leading global rating agency which provides the world’s credit markets with independent credit opinions.
“This is great news,” said Senator Ketron. “While other states and cities like Detroit are struggling, our state can be very proud that we are on solid financial ground. We have worked very hard to make good financial decisions and to live within our means.”
The special report, published on July 16, 2013, revealed that the median level for states’ combined net tax-supported debt plus unfunded pension liabilities measures 7.0 percent of 2012 personal income. Tennessee’s was lowest at 1.8 percent. The nation’s highest percentage was Illinois at 24.8 percent.
The ranking is based on Tennessee’s net tax-supported debt and unfunded pension obligations as a percentage of personal income.