S&P raises Maine credit outlook to stable
One week after Moody's downgraded its outlook of Maine's bonds from stable to negative, national credit rating company Standard & Poor's raised its outlook from negative to stable. S&P also upheld its AA credit rating.
In affirming Maine's AA credit rating and improving the outlook to stable, analyst Ken Rogers of Standard & Poor's said it affirmed the AA rating and improved the outlook based on the state's "progress in reducing its accumulated unreserved general fund deficit and unfunded pension liability in fiscal 2011," according to a press release from state Treasurer Bruce Poliquin. It also cited the state's moderate general obligation debt level and its improving economy.
Earlier this month, Moody's lowered its outlook for Maine's $498 million in general obligation bonds, citing spending in its Department of Health and Human Services and a lack of reserves. It did, however, uphold its rating of Aa2, the third highest, because of the state's manageable debt levels and improving revenue performance.
On May 31, the Office of the State Treasurer is planning to sell approximately $55 million of general obligation bonds that were approved by the Legislature and Maine voters during past years.
Most Recent
Most Recent
Comments