Moody’s Investors Service and Standard & Poors Global Ratings (S&P), have affirmed their credit ratings and outlooks on the Sate of Maine’s general obligation debt. Moody’s affirmed both their Aa2 rating and stable outlook on Maine’s debt according to a press release from Governor Janet T. Mills office.
Standard & Poors affirmed their AA rating and stable outlook on Maine’s debt. S&P affirmed their AA rating and stable outlook. The affirmation of Maine’s ratings comes as S&P and Moody’s downgrade other states’ ratings as a result of the economic turmoil precipitated by the COVID-19 pandemic.
“This is welcome news and a validation of the Administration’s bipartisan work with the Legislature to enact responsible budgets and manage State government in a fiscally sound manner,” said Governor Janet T. Mills. “Difficult decisions lie ahead, but these stable ratings demonstrate that Maine is a worthy investment as we prepare to advance bonds to fix our roads and expand broadband in rural Maine.”
Under the Mills Administration and with the bipartisan support of the Legislature, the Budget Stabilization Fund has grown by more than $50 million to a record high of nearly $258 million.
State Treasurer Henry Beck intends to conduct a bond sale funding project totaling $141 million in June of 2020. Initiatives benefiting from the bond sale include highways, bridges, senior housing and weatherization, upgrades in the Maine Community College System and the University of Maine System among several other initiatives.