Summary: Massachusetts; Tax Secured, General Obligation Feb 03

Standard & Poors, February 2003

Abstract
The 'AA-' rating on Massachusetts' $300.000 million series 2003A GO bonds consolidated loan, $342.865 million series 2003B GO refunding bonds, and $316.840 million series 2003C GO refunding bonds (delayed delivery) reflects: The commonwealth's fundamentally diverse and broad economy, despite the economic slowdown, driven by the high-technology, health care, education, and financial services sectors; A decade-long track record of strong financial discipline and management that has contributed to strong reserves, which, although diminished in 2003, still provide some flexibility in this economic climate; The positive effect from the "forward funding" of the Massachusetts Bay Transportation Authority, which the commonwealth spun off as a self-supporting authority on July 1, 2000, eliminating the commonwealth's historical open-ended subsidies; and High wealth and income levels,...

Companies mentioned in this report are:
- Massachusetts

Action: New Rating

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- Massachusetts

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