Governor Wes Moore and other Maryland leaders praised S&P’s reaffirmation of the state’s AAA credit rating, calling it a sign of Maryland’s continued fiscal strength despite federal economic challenges. The rating, issued with a stable outlook and cautionary notes, helps to offset Moody’s recent downgrade of Maryland’s bond rating from AAA to Aa1, the first since 1973.
“This news from S&P on our AAA state credit rating further affirms our work to preserve Maryland’s fiscal strength, despite attacks on our economy from the federal government. This announcement echoes the positive report from Fitch earlier this month, which also affirmed our state’s AAA bond rating with a stable outlook.
Even amid enormous federal headwinds that continue to affect the entire region – from government layoffs to massive budget cuts – Maryland stands strong. Our state faces unique exposure to the impacts of the federal government. But our commitment to growing our economy and protecting our people will not waver.
Together, we will continue to answer crisis with courage.”