Annapolis, MD - May 29, 2025 - A second bond-rating agency has reaffirmed its highest credit rating for Maryland, helping offset a downgrade by a third agency just weeks before a scheduled $1.7 billion bond sale by the state.

The AAA rating from Standard & Poor’s follows a similar rating from Fitch two weeks ago. Standard & Poor’s — one of three firms that Maryland hires to rate its creditworthiness in advance of annual bond sales — issued its rating with a stable outlook for the state, but also with a warning.

“The stable outlook reflects our expectation that the state will make timely adjustments to achieve a structural balance and adequate cash reserves by proactively managing economic and budgetary risks that arise,” the report said.

The back-to-back AAA ratings from Fitch and Standard & Poor’s help take the sting out of Moody’s report, which downgraded the state from Aaa for the first time in more than 50 years, to Aa1. But state officials note that Moody’s has downgraded several other jurisdictions in the region recently — including the United States — and say the latest ratings prove that Maryland’s financial health is strong.... Read More: Maryland Matters