Fitch rates $400M in Mass. bonds at ‘AA+’

PROVIDENCE – Fitch Ratings last week assigned an “AA+” rating to two Massachusetts general obligation bonds totaling $400 million. More

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Fitch rates $400M in Mass. bonds at ‘AA+’

Posted 8/4/14

PROVIDENCE – Fitch Ratings last week assigned an “AA+” rating to two Massachusetts general obligation bonds totaling $400 million.

The bonds were scheduled to sell through negotiation last week.

In a news release, the rating’s company cited Massachusetts’ recent announcement that it will be implementing a long-term asset/liability management strategy with the goal of more proactively managing interest rate exposure for the state overall as a factor in its rating. Based on current conditions, this would involve issuance of approximately $3.6 billion in unhedged, floating-rate debt by the end of fiscal 2018, inclusive of the current sale.

Fitch noted the state’s “high credit quality, strong management profile and demonstrated ability to manage a large capital borrowing program,” and said it expects Massachusetts “to closely manage the program and make adjustments as needed.” •

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