SALEM, Ore. (AP) -- The Oregon treasurer's office says national credit rating firms are reporting that Oregon remains a safe credit risk at a time when many states are being warned about potential downgrades.

Moody's, Fitch Inc. and Standard and Poor's last week reaffirmed Oregon's strong credit rating, which officials say helps save taxpayers millions of dollars and allows the state to finance job-creating public works projects at lower interest rates.

The firms said Oregon is benefiting from sound fiscal management, including maintaining reserves in the event of a deeper economic downturn, and a budget-reduction strategy for the 2009-11 biennium.

The report by Moody's also notes the state pension system in Oregon remains "well-funded" compared to most other states, even though it reported losses of 27 percent last year.