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Bond agencies affirm Maryland’s Triple-A rating
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All three rating agencies have upheld Maryland’s Triple-A bond rating in advance of a bond sale in coming weeks.
Maryland is one of just eight states to maintain its Triple-A bond rating throughout the fiscal crisis.
“Today’s recognition of Maryland’s fiscal strength and prudent management is welcome news,” said Maryland State Treasurer Nancy Kopp. “Retention of the Triple-A ratings allows us to continue to save millions of taxpayer dollars resulting from the low interest rates achieved because of these ratings.”
The ratings agencies assess the state’s history of financial management and its economic outlook.
“Debt oversight is strong and centralized and the debt burden is moderate,” wrote analysts from Fitch Ratings.
Moody’s Investors gave Maryland a Triple-A rating but a negative credit outlook because of the state’s economic reliance on the federal government.
The state plans to sell $728 million in general obligation bonds. Individuals will be able to purchase them at the end of the month, and there will be a competitive institutional sale during the next Board of Public Works meeting on Aug. 1.
The proceeds from the tax-exempt general obligation bonds will be used to finance schools, community colleges and hospitals.
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