Fitch assigns best short-term rating to $800M in Mass. notes

NEW YORK – Fitch Ratings assigned an F1+ rating – its best short-term rating – to three Massachusetts general-obligation revenue-anticipation notes totaling $800 million for fiscal 2014. More

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financial services

Fitch assigns best short-term rating to $800M in Mass. notes

Posted 9/23/13

NEW YORK – Fitch Ratings assigned an F1+ rating – its best short-term rating – to three Massachusetts general-obligation revenue-anticipation notes totaling $800 million for fiscal 2014.

The notes were scheduled to sell through competitive bid last week.

In announcing the rating, Fitch highlighted the state’s strong projected receipts as a key factor.

“Massachusetts benefits from a strong and wealthy economy and prudent financial management,” Fitch said in a statement. “A comparatively high liability burden is partially explained by the above-average role played by the commonwealth in relation to local levels of government when compared to most other states.”

The state’s financial position has stabilized in recent years following a period of steep revenue decline during the worst of the recession, Fitch said. The ratings agency said it believes that Massachusetts retains “significant flexibility” to address budget underperformance and has repeatedly demonstrated its commitment to do so. •

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