AUGUSTA, Maine (AP) — A week after a credit rating agency cut Maine’s ratings outlook from stable to negative, another credit rating agency has elevated its outlook for the state’s financial health.
Standard & Poor’s Ratings Services announced Friday it has affirmed the state’s AA credit rating, while revising its outlook from negative to stable.
S&P said the AA rating and stable outlook reflect Maine’s improving economy, strong fiscal policies, moderate debt and adequate liquidity. But S&P cautioned that it expects the state to further reduce its accumulated general fund deficit, improve pension funding, tackle Medicaid funding issues and limit future debt through issuing bonds.
Moody’s Investors Service last week revised Maine’s ratings outlook from stable to negative while affirming its Aa2 credit rating.
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