Missouri budget to get $10M boost from Moody's settlement

JEFFERSON CITY, Mo. — Missouri will get $10 million as a result of a nationwide settlement with Moody’s over inflated credit ratings leading up to the 2008 financial crisis.

A statement Tuesday from Missouri Attorney General Josh Hawley and Secretary of State Jay Ashcroft said the money could help mitigate a revenue shortfall for the current fiscal year.

The payment is part of an $864 million agreement to settle federal and state claims Moody’s Corp. gave inflated ratings to risky mortgage investments in the years leading up to the financial crisis.

The settlement called for $437.5 million to go to the Justice Department and $426.3 million to be divided among the states and the District of Columbia.