Missouri expects to save $4.8 million by refinancing some of its debt.

The State Board of Public Buildings approved the refinancing of special obligation refunding bonds on Wednesday.

Gov. Jay Nixon says the refinancing will save $900,000 during the current budget year and $4.8 million over the life of the bonds.

Nixon says the state's credit rating has allowed for lower interest rates, which translates into millions of dollars of savings for taxpayers. The governor said the nation's three major credit rating agencies last week confirmed Missouri's AAA rating.