Hawaii Gov. David Ige on Wednesday welcomed the news that Fitch Ratings upgraded the state’s general obligation bond rating — that is, its credit rating — from AA to AA+.

According to a press release from the administration, the upgrade is based on the state’s “resilient economy and continued strong performance.”

Hawaii’s current ratings from Moody’s Investors Service (Aa1) and Standard & Poor (AA+) raises Hawaii’s G.O. bond credit ratings to “the highest levels ever achieved in state history.”

The administration said the high ratings will help Hawaii reduce borrowing costs and increase savings for taxpayers.

“My administration has actively promoted budgetary and financial policies to live prudently within our means, address our long-term liabilities and grow financial reserves,” Ige said in the press release.

He added, “I must thank Budget Director Neal Miyahira who has helped to implement our policies and guide us to this point.”