Mass. Gets Credit Boost From Standard & Poors
BOSTON (AP) – Massachusetts has reached its highest credit standing ever after Standard & Poor’s Ratings Services upgraded its assessment for the state.
Treasury officials announced Friday that S&P has upgraded the rating for Massachusetts from AA to AA+.
The state currently has ratings of Aa1 from Moody’s and AA+ from Fitch, the two other ratings agencies.
State officials say that taken together, the set of three ratings gives Massachusetts its highest credit standing in history.
Gov. Deval Patrick says the upgrade shows the state can still invest in schools, roads and housing while balancing its books.
Treasurer Steve Grossman said that despite turmoil in markets and economic uncertainty at the federal level, Massachusetts maintained “fiscal discipline and responsible management.”
The higher rating will help Massachusetts save tens of millions of dollars when it offers bonds worth $475 million Wednesday.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)