Moody's upgrades Maine's financial outlook to 'stable'
Moody’s Investors Service has revised Maine’s financial outlook from negative to stable in a new report, which could lower the state’s borrowing costs when it issues bonds.
The Portland Press Herald reported that while Maine’s overall debt rating remained at Aa2, Moody’s revision in the state’s financial outlook shows that progress has been made in getting a better handle on pension and retiree health costs.
The revised outlook may allow the state to issue its $115 million in bonds next week at a lower borrowing cost, the newspaper noted. The announcement prompted Gov. Paul LePage to credit the new financial outlook to the state’s Republican reforms.
Moody’s new report cautioned that Maine’s Aa2 rating is below most states and that its economic recovery is falling behind the United States overall.
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