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BOSTON - State Representative and Chairman of Public Safety and Homeland Security Harold P. Naughton, Jr.
(D-Clinton), announces that the credit rating for Massachusetts has risen from AA to AA+. The Standard and Poor’s credit rating service has made the decision to bump up the rating after notable improvements being made to the states debt and finance issues.
“I am extremely pleased that the Commonwealth has been given an AA+ rating,” said Representative Naughton. “My colleagues and I have been dedicated to improving the financial stability of the state, and an AA+ rating strongly indicates that we are heading in a positive direction. It has been my priority to bring economic stability to the 12th Worcester district and the Commonwealth. This marks a huge step in controlling costs and stabilizing the budget in this state while still investing in the betterment of the Commonwealth. There is still much work to be done in moving the state of Massachusetts out of the recession, but this shows that we are moving towards recovery.”
A collective rate from top rating agencies Standard & Poor, Moody’s and Fitch put Massachusetts at its highest credit position in the state’s history. The Standard & Poor's Ratings Services bond rating system uses an alphabetical scale from AAA down to D. Massachusetts' AA-plus rating indicates to potential investors of bonds and other debt securities that the state has a very strong capacity to meet financial commitments.
The rating upgrade comes a week after state leaders told representatives of the three major U.S. credit rating agencies that Massachusetts was on solid fiscal footing and urged them to consider a bond rating upgrade in spite of growing concerns about the direction of the national economy.
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