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Summary: Massachusetts; General Obligation Sep 11
Standard & Poors, September 2011
Standard & Poor's Ratings Services raised its rating on Massachusetts' general obligation (GO) debt to 'AA+' from 'AA'. The outlook is stable. At the same time, Standard & Poor's assigned its 'AA+' rating to the commonwealth's $475 million GO bonds, consolidated loan of 2011, series D. The upgrade reflects Massachusetts' 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. The upgrade also reflects the commonwealth's commitment to its stabilization fund. Formalized policies relating to debt affordability, capital investment planning, financial planning, and enhanced funding of the stabilization fund are key improvements from a credit standpoint. Other factors supporting the 'AA+' rating, in our view,...
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Action: New Rating
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