Ratings agencies affirm Mass. bond grades
The three big rating agencies have affirmed the state's bond ratings and a "stable" economic outlook for Massachusetts, according to Treasurer Deborah Goldberg, who met with representatives of Moody's, Standard & Poor's and Fitch last week with Gov. Charlie Baker and House and Senate leaders.
Goldberg announced Thursday that the state's bond ratings, which influence the cost of state borrowing, were affirmed at Aa1/AA+/AA+ respectively by the three agencies ahead of the next competitive bond offering.
The bond ratings have remained unchanged, one notch below the top AAA rating, since September 2011, when it was upgraded by Standard & Poor's.
"Maintaining the Commonwealth's already exceptional bond rating is critical to protecting taxpayer dollars and enhancing the fiscal stability of our state," Goldberg, who issues the state's bonds, said in a statement. "The rating agencies continue to recognize our strong economic prospects and prudent fiscal management."
Baker credited the steady ratings to "decisive and effective actions" to close a $760 million fiscal 2015 budget gap and prepare for fiscal 2016. "Maintaining the highest bond rating in the Commonwealth’s history will provide the access to capital markets we need to begin executing our capital budget plan," Baker said.
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