Statement from Governor Martin O'Malley on Retention of State's AAA Bond Rating

Statement

Governor Martin O'Malley today issued the following statement regarding the retention of Maryland's AAA bond rating by all three bond rating agencies:

"Today, all three credit rating agencies reaffirmed -- once again -- the fiscal strength of our State as a result of the tough choices and smart fiscal policies we've fought for as One Maryland in the midst of the worst global recession since the Great Depression.

"Together, even in tough economic times, we made the tough choices necessary to create and save jobs, improve conditions for Maryland businesses, and fuel economic progress. Since January, we've added 38,000 jobs to Maryland payrolls, a growth rate twice that of the rest of the nation. And Maryland's unemployment rate remains about 25 percent below the national average.

"I want to thank Treasurer Kopp and Comptroller Franchot for their leadership and sound management of our State's finances, and the leaders of the General Assembly as passed a budget for FY11 that maintains our shared principles of fiscal responsibility."

Maryland remains one of only eight states to maintain the highest possible Triple A bond rating. In affirming the rating, Standard & Poor's noted Maryland's "well-defined financial management policies and a commitment to reserves despite budget challenges." Moody's referred to Maryland's "strong financial management" and Fitch noted that the state "continues to demonstrate a commitment to maintaining budgetary balance."

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