ANNAPOLIS, MD (July 14, 2011) – Governor Martin O’Malley today issued the following statement regarding Maryland’s retention of its Triple A bond rating by all three bond rating agencies:
“As a result of the tough choices we’ve made and the smart fiscal policies we’ve fought for as One Maryland in the midst of the worst national recession since the Great Depression, all three credit rating agencies reaffirmed – once again – the fiscal strength of our State. Maryland remains one of only eight states to maintain its Triple A bond rating from all three ratings agencies.
“Together, even in tough economic times, we made the difficult choices necessary to create and save jobs, improve conditions for Maryland businesses, and fuel economic progress. I thank the members of the General Assembly for their work in helping us pass budgets that maintain our shared principles of fiscal responsibility and Treasurer Kopp and Comptroller Franchot for their leadership and sound management of our State’s finances.
“While Maryland is not immune to the effects of this national recession, together we have made the difficult, but right decisions to protect our State’s long-term financial health, invest in our future, and protect our most valuable asset – the skills and strength of our people.”
In assigning Maryland’s Triple A bond rating, all three agencies noted the State’s strong, diverse economy, including an unemployment rate significantly below the national level, and proactive response to recent budget imbalances during the recession.