BOSTON (AP) – The Massachusetts’ congressional delegation is protesting a warning from a major credit rating agency that they might downgrade the credit ratings of several municipalities in the state.
Moody’s Investors Service announced it would review the possible downgrade of U.S. municipalities and other institutions due to the indirect effects of the possible downgrade of federal government bonds because of the ongoing impasse over the federal debt limit.
Moody’s has listed 162 local governments in 31 states.
In Massachusetts, those communities include Newton, Brookline, Lexington, Concord, Wellesley, Wayland, Hingham, Dover and others.
In a letter to Moody’s, the entire delegation said there’s “no rational basis” for the threatened downgrade.
They called on Moody’s to give the municipalities an opportunity to show they can meet their obligations and maintain their triple-A ratings.
(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)