Bond agencies continue to measure Delaware’s credit risk favorably

In their review for the state’s upcoming bond sale, Standard & Poor’s Rating Services, Fitch Ratings, and Moody’s Investors Service have all awarded Delaware a triple-A credit rating, the highest rating possible. All three ratings agencies highlight Delaware’s financial history and responsible governance in their reports. S&P attributed the state’s continued credit stability to Delaware’s prudent fiscal management and healthy reserves, while Moody’s said Delaware is in a strong position relative to its peers. The State has proudly received triple, triple-A ratings since 2000, managing to maintain that status even through the Great Recession and a challenging national economy.

“These ratings affirm the success we have had in addressing our budget challenges while adhering to high standards of fiscal responsibility,”  Governor Markell said. “This announcement means taxpayers will continue to benefit from lower costs for important projects that create jobs and improve quality of life in our state, including construction at schools, libraries and other facilities. There is more work to do to strengthen Delaware’s economy, but we are on the right track.”

The ratings were released as the state prepares to take bids on $225 million in general obligation bonds on Thursday, February 27th.  The bonds will be sold to finance capital construction projects, for example, school projects in Laurel, Smyrna, Red Clay and Woodbridge, libraries in Wilmington, Claymont, Lewes and Greenwood, a new state police troop and various other projects that improve the quality of life in Delaware.  The triple-A rating reflects a low credit risk which minimizes the return investors demand and minimizes the cost of these capital projects for Delawareans.

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Contact:

Angela Moffett-Batty
Community Relations Coordinator
Delaware Department of Finance
302-577-8522
angela.moffett@delaware.gov

The lecture “Henry Gawthrop of the 4th Delaware,” originally scheduled for Wednesday, March 5, 2014 at the New Castle Court House Museum in New Castle, Del., has been postponed. The event will be rescheduled in the near future.

Following is information on the original event:

Wednesday, March 5, 2014
Henry Gawthrop of the 4th Delaware. Lecture by Justin Carisio on the Quaker officer who served in the Union Army during the American Civil War. Presented by the New Castle Court House Museum and the New Castle Historical Society. New Castle Court House Museum, 211 Delaware St., New Castle. 7 p.m. Admission $5. Free for New Castle Historical Society members. 302-323-4453.

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Contact:
Jim Yurasek
Delaware Division of Historical and Cultural Affairs
Phone:  302-736-7413
E-mail:  Jim.Yurasek@delaware.gov
Web:   http://history.delaware.gov

Wilmington, DE – Governor Markell and Nevada Governor Brian Sandoval took an important step forward in online gaming today, signing a first-in-the-nation Multi-State Internet Gaming Agreement that will eventually allow poker players in both states to play against each other online at the same virtual tables.

“Gov. Sandoval and I both share the goal of ensuring that our states’ gaming industries are as competitive as they can be, while ensuring that games are conducted fairly, honestly, and securely,” said Governor Markell. “This Agreement represents a crucial step in Delaware’s and Nevada’s efforts to make our online poker offerings more diverse, more competitive, and ultimately more enjoyable. I am grateful for Governor Sandoval’s support and leadership in this effort.”

 The agreement develops a framework through which the two states will jointly adhere to minimum regulatory standards.  It also allows Member States to retain the necessary control over who offers online gaming within their borders, and it allows Member States to pursue the particular applications of online gaming that make the most sense for them. For example, Nevada will only allow online poker games, and under this agreement, Member States have the flexibility and discretion to make those kinds of policy determinations for themselves.

“This is truly a historic day for Nevada, Delaware, and the country.  One year ago the Nevada Legislature passed and I signed an Internet gaming bill into law, and today we are just beginning to witness the potential of this legislation with the signing of this agreement,” stated Governor Brian Sandoval.  “The approach we’ve taken will allow us to pursue greater opportunities by establishing a strong framework for collaboration in this new frontier.  The possibilities that are ahead of us are truly extraordinary. The agreement we’ve signed today provides the tools and the structure necessary for us to pioneer this expanding industry together, as states and as partners.  I have had the pleasure of working with Governor Markell in the past and look forward to this partnership with the State of Delaware.  I would like to thank him for his leadership and willingness to join Nevada in this new frontier of gaming.”

On Sunday, March 2, 2014 at 2 p.m., The Old State House, located at 25 The Green, in Dover, Del., will present “Abolition and the Hunn Family,” a lecture by Robin Krawitz, president of the Underground Railroad Coalition of Delaware and director of the historic-preservation graduate program at Delaware State University. The Old State House will also be open for visitation and tours between 1:30 and 4:30 p.m. Admission is free and open to the public. For additional information, call 302-744-5055.

Krawitz’s lecture will explore the abolition movement and the Underground Railroad in Delaware with a spotlight on the Hunn family, many of whose members participated in anti-slavery activities. In one notable incident, John Hunn of Odessa and Thomas Garrett of Wilmington were put on federal trial at the New Castle Court House in 1848 and convicted of violating the Fugitive Slave Act. Sentenced to stiff financial penalties and stripped of much of their personal wealth, Hunn and Garrett continued in their efforts to aid freedom seekers until the Union victory in the Civil War effectively put an end to slavery in the United States in 1865.

Dover, DE-Delaware Insurance Commissioner Karen Weldin Stewart announces today that based on the agreement between the Delaware Department of Insurance, the Delaware Compensation Rating Bureau and the Ratepayer Advocate, she has approved the re-submission of the Delaware Compensation Rating Bureau (DCRB) workers’ compensation rate filing regarding the residual market rate and the voluntary market loss cost.

The annual filing was carefully reviewed and analyzed by the Delaware Insurance Department’s actuaries, as well as the Rate Payer Advocate’s actuary. The reports were posted on the Department’s website. The lower increases approved reflect a more appropriate balance in the cost of insurance premiums compared to the cost of the system. The Commissioner and the Rate Payer Advocate, along with their actuaries, concurred that the increases of 11.4% in residual market rates and 14% in voluntary market loss costs met the requirements in Delaware law that rates must not be inadequate, excessive, or unfairly discriminatory. The effective date of the increase is retroactive to December 1, 2013 for new and renewal business.

Commissioner Stewart stated “While three different actuaries have all concluded that an increase is indicated, I must weigh more than actuarial considerations in making my decision. The difficulties seen by Delaware employers as emphasized during the three public information sessions, the need for our economy to grow, and the rising costs faced by insurers must all be included in my final decision. This decision represents a savings of more than 45 million dollars to Delaware employers from the original submission. We encourage the DCRB and legislative leaders to continue to work toward a common goal of identifying and addressing the underlying cost drivers in Delaware’s workers’ compensation rates.” Stewart believes that continued momentum behind legislative reforms introduced in 2013 and those sought in 2014 to ensure that future rate requests are small will help to keep our economy strong and attract and retain businesses in Delaware. Stewart added “Unfortunately, a rate increase is necessary this year for worker’s compensation insurance in Delaware. My commitment to the consumer is unwavering; and I will continue to work with all parties to create further reform that we expect will result in a reduction in the overall cost drivers in the worker’s compensation system.”

For more information about the DCRB annual rate filings, visit the Delaware Department of Insurance website at www.delawareinsurance.gov.

Please see attached statement from the Rate Payer Advocate.
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Delaware Department of Insurance: “Protecting Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.”