Moody's: Massachusetts Still Aa2 But Outlook Now Stable

O'Bren, Elizabeth
December 2004
Bond Buyer;12/8/2004, Vol. 350 Issue 32025, p3
Trade Publication
The article focuses on Moody's Investors Service Inc., which affirmed Massachusetts' Aa2 general obligation bond rating and revised the outlook on the credit, to stable from negative, affecting $14 billion in debt. Moody's said the change in outlook was the result of improved state revenues, replenished reserves, and signs of employment gains. Massachusetts is not expected to sell general obligation bonds for ongoing capital projects until January 2005. Massachusetts dipped heavily into its $1.7 billion budget stabilization fund but has since, replenished much of what it took out. This contrasts with Connecticut, another high-wealth state, which has not managed to restore reserves that it wiped out in fiscal 2002.


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