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NEW YORK – Fitch Ratings has assigned an “AA+” rating to $600 million in Commonwealth of Massachusetts consolidated-loan, general-obligation bonds, the agency announced last week.
Additionally, Fitch affirmed the rating of approximately $19 billion of outstanding Commonwealth general obligations and Commonwealth guaranteed bonds at “AA+.”
The rating outlook for both bonds is stable.
Fitch listed several factors for the rating, including the state’s “strong and wealthy economy” and prudent financial management.
However, while assigning the rating, Fitch said that credit strengths are tempered by a comparatively heavy debt burden that is expected to remain high. The stable outlook reflects the expectation that Massachusetts will continue to act as needed to ensure budget balance and maintain an adequate budgeted reserve position. •