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Massachusetts; General Obligation; General Obligation Equivalent Security; Joint Criteria Feb 11
Standard & Poors, February 2011
Standard & Poor's Ratings Services revised the outlook to positive from stable on Massachusetts' general obligation (GO) parity bonds outstanding due to the commonwealth's ongoing progress in improving financial, debt, and budget management practices, while at the same time implementing cost control and reform measures associated with its long-term liabilities. In addition, we assigned a 'AA' rating to $146.32 million GO refunding bonds 2011 series A. At the same time, we affirmed the rating on the parity bonds outstanding. The 'AA' GO rating on Massachusetts reflects our view of the commonwealth's: Strong and conservative budget management practices, with swift action to restore balance after identifying revenue shortfalls throughout the recession; Continued budget stabilization reserve balances, which provide flexibility to manage...
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Action: New Rating
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