The rating is being assigned in conjunction with the substitution of a Standby Bond Purchase Agreement (SBPA) with
The Rating Outlook is Stable.
General obligations of the Commonwealth, to which its full faith and credit are pledged.
KEY RATING DRIVERS
STRONG AND WEALTHY ECONOMY:
PRUDENT FINANCIAL MANAGEMENT: The Commonwealth has benefited from conservative budgeting and sound financial practices over time. A limitation on the use of capital gains-related tax revenue has reduced the volatility of economically sensitive revenues in the budget, and the Commonwealth has shown a commitment to reserve funding.
COMPARATIVELY HIGH LIABILITY BURDEN:
The rating is sensitive to shifts in fundamental credit characteristics including the state's commitment to strong financial management practices.
For more information on the Commonwealth, see the press release dated
Additional information is available at 'www.fitchratings.com'.
--'Tax-Supported Rating Criteria' (
--'U.S. State Government Tax-Supported Rating Criteria' (
Tax-Supported Rating Criteria
U.S. State Government Tax-Supported Rating Criteria
Source: Fitch Ratings
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