HARRISBURG — As a result of Pennsylvania’s sound financial management and strong budgetary reserves, one of the nation’s leading credit rating agencies announced it would upgrade the state’s bond rating, according to Senate Appropriations Committee Chairman Scott Martin, R-Lancaster.

Fitch Ratings announced on Monday it would upgrade the state’s bond rating from AA- to AA, a rating last held by Pennsylvania in 2014. Martin said the upgrade should lead to lower debt service costs going forward, saving taxpayers millions of dollars.

The agency specifically noted that the upgrade was the result of strong budgetary reserves and management of spending pressures, although it warned that drawing down these reserves could lead to negative ratings actions.

Martin pointed out that Senate Republicans have led efforts in recent years to build the state’s Rainy Day Fund to historic highs.

The rating boost follows other major credit rating agencies upgrading Pennsylvania’s long-term financial outlook.

In September, Moody’s Investor Services and S&P Global Ratings both affirmed Pennsylvania’s current Bond Rating and revised the state’s financial outlook from “Stable” to “Positive.”