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(A silly reference to the minor league baseball system.)
The Patrick administration is announcing that, for the first time in this state’s history, a state bond program is rated at triple A.
Governor Deval Patrick, Treasurer Timothy Cahill and Legislative leaders today announced that the Commonwealth’s Accelerated Bridge Program bonds have been awarded the highest possible credit rating by two major rating agencies. Both Moody’s (Aaa) and Standard & Poor’s (AAA) assigned the Program’s triple-A credit ratings.
Over the life of the Accelerated Bridge Program, the triple-A ratings will save the Commonwealth an estimated $60 million in interest costs, and allow the state to continue to make critical investments in infrastructure at a lower cost to taxpayers.
“It is welcome news today that these rating agencies have assigned the Accelerated Bridge Program bonds the highest possible credit rating,” said Governor Patrick. “This is further proof that our strategy for finding new efficiencies in state government and investing in our broken infrastructure at record levels is paying
off. We will continue to manage state finances in a fiscally responsible way, as we have throughout these challenging times, in order to maintain our rating and our ability to make these much-needed investments.”
It’s really a shame that the election is over. I’d love to see Charlie Baker twisting himself in knots trying to spin this as a negative.
Thanks to the Governor for saving the Commonwealth a lot of money, and for beginning the process of fixing our long-neglected infrastructure. Not only is this of benefit to our economy because these bridges are essential to the movement of people and goods, but it is also important for public safety, and for keeping our Commonwealth’s good construction jobs. Win-win all around!
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