Mass. officials seek upgrade of bond rating

BOSTON (AP) — State leaders have asked representatives of the three major U.S. credit rating agencies to consider upgrading Massachusetts’ already solid bond rating, in spite of growing concerns over the direction of the national economy.

Gov. Deval Patrick, state Treasurer Steven Grossman and legislative leaders met at the Statehouse on Wednesday with representatives of Moody’s, Standard & Poor’s and Fitch. The meeting came about two weeks before a scheduled state bond offering for capital improvements.

Patrick said the message was that Massachusetts is on sound fiscal footing and is even planning on making a $300 million deposit to replenish its reserve fund.

Grossman said after the closed-door meeting that he believed the state had earned an upgrade in its already solid bond rating. He conceded, however, that he was not expecting an upgrade considering the current economic uncertainty.

Copyright 2011 The Associated Press.

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Posted by jcashman on Sep 7 2011. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry