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Gov. Ned Lamont’s fiscal policies got a vote of confidence from Connecticut residents in this month’s gubernatorial election. Now, a major credit rating agency has given its backing, too.

Standard & Poor’s raised the state’s bond rating from A+ (positive) to AA- (stable), Lamont’s office announced this week. The action comes after increases by several other ratings agencies in 2021.

The increases were the first since February 2001, Lamont’s office noted.

“The upgrade on the state’s GO debt reflects our view of Connecticut’s sustained positive financial results and building of high reserve levels during a recent period of economic and revenue growth, while also demonstrating its commitment to structural budget balance and curbing future growth of the state’s very high debt, pension, and other postemployment benefit (OPEB) liabilities, which we expect will continue in future biennial budgets,” S&P wrote in a notice to investors released by Lamont’s office as part of its announcement “Connecticut’s overall credit improvement is also underscored by the executive branch’s announcement and intent to extend statutory financial controls in the next biennial budget proposal, which supports our view that the state remains more firmly committed to these provisions for the foreseeable future.”

Lamont’s office touted the ratings upgrade as an important vote of confidence in the state economy and a positive sign for the state’s budget. During his reelection campaign, the governor touted his management of the state’s finances and pushed back against tax-cut proposals from GOP challenger Bob Stefanowski.

“Connecticut taxpayers should celebrate today’s news. This credit rating increase will mean lower costs for critical projects that move our state forward. It is a signal to the businesses and residents that our state is on the right financial path, that we have shown a commitment to putting our fiscal house in order, and we are continuing to make significant progress to address our pension and other postemployment benefit liabilities. S&P recognizes the progress that has been made and that Connecticut is getting its mojo back,” Lamont said in a statement.