Moody’s and S&P Reaffirm Maine’s Strong Credit Rating


Governor Janet T. Mills (D) Appearing on a CNN Television Morning Show During the Governor’s Winter Conference in Washington, DC.

Governor Janet T. Mills (D) and State Treasurer Henry Beck announced yesterday that Moody’s Investors Service and S&P Global Ratings Global companies that analyze and issue reports of credit worthiness, have affirmed their strong credit ratings on the State of Maine’s general obligation debt.  Moody’s affirmed that their Aa2 rating and upgraded their outlook from stable to positive.

In its affirmation, S&P applauded Maine’s “good financial policies and budgetary management” as well as the state’s “stable government framework.”  Moody’s cited Maine’s “strong financial reserves,” writing that “the biennial budget for fiscal years 2024-2025 is structurally sound” and that “the state’s finances will remain in solid shape thanks to strong financial governance.”  Moody’s attributed its upgrade of Maine’s outlook from ‘stable’ to ‘positive’ because of Maine’s ‘continued GDP growth at or above the national rate,” and Maine’s growing populatlion and employment rates.

Moody’s and S&P have reaffirmed Maine’s credit ratings every year since Governor Mills and Treasureer Beck took office.

In 2022, Maine had the 11th highest net migration rate in the US and the highest rate in New England.  Maine was the onlyl state to see a decrease in median age from 2020-2021, led by increased migration of a young population into the state.