Investor service affirms Massachusetts' bond rating
An investor service has affirmed Massachusetts' bond rating, citing the Patrick administration's effective fiscal management during the economic downturns.
Moody's Investor Service announced the stable rating Monday, noting the state's efforts to combat budget crises with new revenues and less spending. The state was also given high marks for Gov. Deval Patrick's decision to sign the Fiscal Year 2011 budget without including $372 million in possible federal Medicaid funds. The funds have been proposed in Congress, but have not secured passage.
Patrick, who is seeking re-election, has referenced the state's bond rating as evidence of the positive effect his fiscal policies have had. Republicans have criticized the governor for raising taxes and tapping into the state's rainy day fund.
