US EditionState credit downgrade: Maryland loses longtime AAA bond rating
- On Wednesday, Moody’s downgraded Maryland’s credit rating from triple-A to Aa1, ending a run that had lasted since 1973 and reflected the state’s strong fiscal management.
- The downgrade was caused by Maryland’s weaker economic and financial performance relative to Aaa-rated states, a situation expected to persist due to the state’s increased exposure to changes in federal policies and employment, along with high fixed expenses.
- Maryland legislators recently addressed a $3.3 billion shortfall in the upcoming fiscal year's budget by implementing tax hikes, reducing expenditures, and reallocating funds amid worries about reductions in federal aid.
- Governor Wes Moore and Democratic officials attributed the downgrade to federal mass layoffs and policies, calling it "a Trump downgrade," while Republicans blamed state spending and economic management.
- Despite the downgrade to Aa1, Maryland retains one of the nation's highest credit ratings and lawmakers will monitor potential impacts of federal cuts on the state's financial health.
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Maryland loses triple-A bond rating from Moody’s rating agency
By BRIAN WITTE ANNAPOLIS, Md. (AP) — Maryland lost its triple-A bond rating from Moody’s on Wednesday, a rating the state has cited for more than 50 years as a sign of strong fiscal stewardship. Related Articles Hotline between military and air traffic controllers in Washington hasn’t worked for over 3 years Trump marvels at wealth of his Arab hosts while he eyes White House and Air Force One upgrades …
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