S&P Global Ratings affirmed its 'AAA' long-term rating on Missouri's general obligation (GO) bonds outstanding, and its 'AA+' long-term rating on the state's appropriation-backed debt outstanding. The outlook on all long-term ratings is stable. The stable outlook reflects our view that as Missouri passes the one-year mark since the onset of the COVID-19 pandemic and the sudden-stop recession, its budgetary position and maintenance of very strong liquidity and strong budget reserve fund balances remains remarkably resilient. We believe Missouri has demonstrated a strong commitment to structural budgetary balance and overall financial management and base our outlook on the expectation that these practices will continue to guide executive and legislative actions. The state's proactive financial management -- including the executive branch's
