Summary: Massachusetts; General Obligation Sep 11

Standard & Poors, September 2011

Abstract
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,...

Companies mentioned in this report are:
- Massachusetts

Action: New Rating
Action: Upgraded

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

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