Summary: Massachusetts; General Obligation; General Obligation Equivalent Security May 07

Standard & Poors, May 2007

Abstract
The 'AA' rating on Massachusetts' GO bonds series 2007B and related agency debt backed by the commonwealth reflects: A demonstrated track record of managing through the recent recession without the overuse of onetime revenues; Reserve levels that have been rebuilt every year since fiscal 2004, reversing a trend of declines in fiscals 2002 and 2003 caused by the economic slowdown; Greater budget certainty following the spin-off of the Massachusetts Bay Transportation Authority (MBTA) and the School Building Authority (SBA), two former large budget commitments that, if not addressed, would have created significant budgetary pressures in future years; and A deep and diverse economy. The commonwealth's high debt burden and large unfunded pension liability constrain the rating. Massachusetts' full faith and...

Companies mentioned in this report are:
- Massachusetts
- Massachusetts Bay Transp Auth
- Massachusetts St Coll Bldg Auth
- University of Massachusetts Bldg Auth
- Foxborough Twn

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Massachusetts
- Massachusetts Bay Transp Auth
- Massachusetts St Coll Bldg Auth
- University of Massachusetts Bldg Auth
- Foxborough Twn

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