Maryland Retains AAA Bond Rating, Treasurer Says
BALTIMORE (WJZ) -- Maryland has retained its AAA bond rating from the three major bond rating agencies, Maryland State Treasurer Dereck E. Davis said.
Maryland is one of only 13 states to receive the highest possible rating from S&P Global Ratings, Moody's Investors Service, and Fitch Ratings, Davis said.
"Today is a proud day for Maryland. Our economy and our citizens continue to demonstrate resilience despite many challenges to our collective way of life. Through the pandemic, global unrest, and record inflation, we have managed to maintain the rating agencies' confidence in our fiscal management," he said. "The AAA ratings ensure that the interest rates on the State's bonds remain low, saving Maryland residents millions of dollars. We can then invest those savings into schools, roads, healthcare facilities, and other community needs."
Maryland lawmakers entered the legislative session earlier this year with a massive budget surplus, thanks in large part to federal pandemic relief. The Maryland General Assembly invested $150 million in parks, nearly $570 million for information technology upgrades and $800 million in education, while also providing $1.86 billion in tax relief for residents.
Davis and the two other members of the Maryland Board of Public Works, Gov. Larry Hogan and Comptroller Peter Franchot, are set to oversee the state's bond sale on June 8.
On offer are $900 million of tax-exempt bonds and $150 million of taxable bonds.