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03-15-2005-

Page history last edited by PBworks 17 years, 2 months ago

March 15, 2005

 

GOVERNOR ROMNEY ANNOUNCES BOND RATING UPGRADE FOR COMMONWEALTH’S DEBT

Represents first upgrade of general obligation bonds since 2000

 

Governor Mitt Romney today announced that Standard & Poor’s has raised the state’s credit rating one notch, from “AA-“ to “AA”. This is the state’s first ratings upgrade since January 2000, when Moody’s Investors Service raised the state’s credit rating from “Aa3” to “Aa2”.

 

“Two years ago, the state budget was out of balance and the economy was in a deep recession. Working together, the Executive Branch and Legislature took decisive action to control costs and manage the budget without raising taxes. Today, our economy is strong and producing jobs and the budget outlook is positive,” said Governor Romney.

 

“This is certainly welcome news,” said State Treasurer Timothy P. Cahill, whose office oversees debt management in the Commonwealth. “Massachusetts has weathered the recent economic downturn better that most other states. We used our reserve funds wisely and didn’t resort to the sort of fiscal gimmicks that we have seen in many other states. We have all made tough choices on revenue and spending that have served the citizens of the Commonwealth well.”

 

“This credit upgrade is a validation of the steps we’ve taken to control spending, rebuild our reserves and institute cost-saving reforms throughout state government,” said Administration and Finance Secretary Eric Kriss.

 

Credit ratings, which are assigned by the three independent agencies that review the Commonwealth’s debt offerings, help determine the interest rates that the state pays when it issues its bonds. The Commonwealth is rated by three rating agencies: Standard & Poor’s, Moody’s Investors Service and Fitch Ratings. The Commonwealth’s next bond issue will occur later this week, when the state will offer and price $500 million of general obligation bonds.

 

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