P.M. BRIEFING : Mass. Given Lowest Bond Rating
Another Wall Street credit-rating firm gave Massachusetts the lowest bond rating in the nation today, a move that could make borrowing more expensive for the state.
Moody’s Investors Service Inc. said the lowered rating reflects Massachusetts’ continued inaction in dealing with its fiscal crisis.
The rating on its bonds was dropped to Baa from Baa1, although it is still considered investment grade.
Standard & Poor’s Corp., another rating firm, had placed Massachusetts below every other state in the nation last year. S&P; reaffirmed its BBB rating last week.
George Leung, a Moody’s analyst, noted the state’s 1990 deficit has grown from an original estimate of $500 million to more than $700 million.
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