Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Maryland's $921.6 million first series 2012 general obligation (GO) state and local facilities loan bonds. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating, and stable outlook, on Maryland's parity GO debt outstanding. The rating reflects what we view as the state's: Diverse, broad-based economy, which has historically outperformed the national economy; Strong wealth and income levels, coupled with unemployment that remains below the national average through economic cycles; Long history of prudent fiscal management, including making difficult decisions to restore structural budget balance; and Moderate debt burden; enhancing this are a clearly defined debt-affordability model limiting annual issuance and the maintenance of...
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Action: New Rating
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