Hiking the Bay State's bond rating to AAA — the highest possible — is a top goal of the next administration, Gov.-elect Charlie Baker told a group of investors yesterday.
"We're certainly going to focus on solving whatever short-term financial problems we may face, but we're also going to continue to pursue strategies for the long term to protect and preserve the commonwealth's financial credibility," Baker said at the state's annual investor conference. "That fundamental thing would be how we would go about pursuing and eventually earning AAA credit."
Standard & Poors has issued AAA ratings to 15 states, although only nine have received AAA ratings from S&P and Moody's, two of the top rating agencies, according to data compiled by Bloomberg.
"There are a lot of things we can do," Baker said. "But, it won't be easy. Like every state, we have challenges."
Massachusetts has pulled its credit rating up dramatically in the past two decades, from a poor BBB rating to AA+ today. Baker credited a rainy day fund created in the early 1990s for the state's progress.
"When we've seen two significant downturns, the availability of that rainy day fund has served as a shock absorber," he said. "It still today is one of those things we need to continue, so whenever the next downturn is, and there certainly will be one at some point, we have the financial capacity to manage our way through."
Hitting an AAA mark won't be easy, though.
David Hitchcock, the rating analyst for Massachusetts for S&P, cited the state's relatively high levels of debt and unfunded pension liabilities as barriers to the AAA rating.
S&P has rated Massachusetts' outlook as stable, meaning the firm does not anticipate raising or lowering the credit rating in the next two years.
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