Massachusetts; General Obligation; General Obligation Equivalent Security; Joint Criteria Feb 11

Standard & Poors, February 2011

Abstract
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...

Companies mentioned in this report are:
- Massachusetts

Action: New Rating

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.

Research Type: Full Analysis

- Massachusetts

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