BOSTON – For the first time in almost three decades, one of the three major bond-rating agencies has downgraded Massachusetts.
S&P Global Ratings announced on Friday it was lowering the state’s rating to AA from AA+, because the Commonwealth had not replenished the state’s rainy day fund.
The downgrading of one level will likely not have an affect on the cost for the Commonwealth to borrow money.
The nation’s two other top bond-rating agencies still have Massachusetts at the same level as before.
According to all three bond-rating agencies, Massachusetts is in better fiscal shape than most of the 50 states.