Commonwealth of Massachusetts Bond Programs, Securities, and Ratings

Bond Program

Security Moody's Investors Service S&P Global Ratings

Fitch Ratings

Kroll Bond Rating Agency

 

General Obligation Bonds

 

Secured by the full faith and credit of the Commonwealth

Aa1
Stable
AA+
Stable
AA+
Stable

NA

 

Special Obligation Bonds (CTF)

 

Secured with a pledge of receipts credited to the Commonwealth Transportation Fund (gas tax receipts and Registry of Motor Vehicle fees)

Aa1
Stable
AAA
Stable

 

NA

 

AAA
Stable

 

Special Obligation Bonds (Convention Center)

 

Secured with a pledge of receipts credited to the Convention Center Fund (hotel occupancy tax receipts, vehicle rental surcharge fees and a portion of sales tax receipts)

Aa3
Stable
A-
Stable
NA NA

 

Special Obligation Bonds (Unemployment Insurance Trust Fund)

 

Secured with a pledge of a special COVID-19 Recovery Assessment levied on Massachusetts employers

Aa1
Stable

 

NA

 

AAA
Stable

AAA
Stable

 

Federal Grant Anticipation Notes (GANs)

 

Secured by a pledge of federal highway construction reimbursements with additional credit support from the Commonwealth Transportation Fund Aa2
Stable
AAA
Stable
NA NA

2024

$210,000,000* General Obligation Bonds Consolidated Loan of 2024, Series G, $315,000,000* General Obligation Bonds Consolidated Loan of 2024, Series H, $275,000,000* General Obligation Bonds Consolidated Loan of 2024, Series I

 

Moody's (PDF) | Moody's Credit Opinion (PDF)

S&P (PDF)

Fitch (PDF) | Fitch New Issue Report (PDF)

 

Revised Rating Change on Commonwealth of Massachusetts Special Obligation Dedicated Tax Revenue Refunding Bonds Series 2005 to 'Aa3' from 'A1'. Outlook is Stable.

 

Moody's Rating Upgrade

 

$150,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2024 Series A, $125,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2024 Series B (Sustainability Bonds), $225,000,000 Commonwealth Transportation Fund Revenue Refunding Bonds 2024 Series A

 

Moody's (PDF)

S&P (PDF)

Kroll (PDF)

 

$130,000,000* General Obligation Bonds Consolidated Loan of 2024 Series C, $220,000,000* General Obligation Bonds Consolidated Loan of 2024 Series D, $400,000,000* General Obligation Bonds Consolidated Loan of 2024 Series E, $100,000,000* General Obligation Bonds Consolidated Loan of 2024 Series F (Federally Taxable)

 

Full Fitch Report (PDF)Fitch (PDF) 

Moody's (PDF) | Moody's Credit Opinion (PDF)

S&P (PDF)

 

$650,000,000* General Obligation Bonds Consolidated Loan of 2024 Series B, $55,715,000* General Obligation Refunding Bonds 2024 Series C

 

Fitch as of 5.30.24 (PDF) | Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$540,000,000* General Obligation Refunding Bonds 2024 Series B

 

Fitch (PDF)

Moody's 

S&P (PDF)

 

$850,000,000* General Obligation Bonds Consolidated Loan of 2024, Series A, $540,000,000* General Obligation Refunding Bonds 2024 Series A

 

Fitch (PDF)

Moody's 

S&P (PDF)

 

2023

2022

2021

2020

2019 

$53,500,000 2019 Series A Federal Highway Grant Anticipation Notes (Accelerated Bridge Program)


Moody's (PDF)

S&P (PDF)

 

$200,000,000 2019 Series A Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)

 

Kroll (PDF)

Moody's (PDF)

S&P (PDF)

 

$1.4 Billion 2019 General Obligation Revenue Anticipation Notes Series A, B & C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

Moody's Credit Opinion: Update to Credit Analysis

 

Commonwealth of Massachusetts Update to Credit Analysis - Moody's (PDF)

 

$400,000,000 General Obligation Bonds Consolidated Loan of 2019, Series H (Federally Taxable)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$858,435,000 General Obligation (G.O.) Refunding Bonds 2019 Series D (Federally Taxable), $189,415,000 G.O. Refunding Bonds 2019 Series E and $425,000,000 G.O. Bonds Consolidated Loan of 2019 Series G

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$196,000,000 General Obligation Refunding Bonds 2019 Series C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$700,000,000 General Obligation Bonds Consolidated Loan of 2019 Series C, Series D, Series E & Series F

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$77,945,000 General Obligation Refunding Bonds 2019 Series B (Delayed Delivery)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$550,000,000 G.O. Bonds Consolidated Loan of 2019 Series A, $50,000,000 G.O. Bonds Consolidated Loan of 2019 Series B (Federally Taxable), and $318,320,000 G.O. Refunding Bonds 2019 Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008