3 bond rating agencies laud Patrick administration for Mass. budget management stewardship
Associated Press
11/05/09 2:15 PM PST
BOSTON — Three major bond rating agencies are complimenting the fiscal stewardship of the Patrick administration.
Fitch Ratings, Moody's Investor Services and Standard & Poor's all affirmed their credit ratings for Massachusetts this week.
Moody's credited "effective management during strained economic times."
Fitch's report cited "a record of prudent financial management."
Standard & Poors highlighted "strong and conservative budget management practices.'"
Dwindling tax collections prompted four rounds of budget-cutting last year. And Gov. Deval Patrick recently announced the state would have to trim another $600 million in spending.
Patrick is up for re-election next year, and one opponent — Republican Charles Baker — has repeatedly accused him of letting the state budget get away from him.
