This morning, our state went forward with the sale of around $400 Million in bonds–bonds that pay for important capital projects like our schools, institutions of higher learning and health facilities while at the same time creating jobs across our state.
And despite the national debt crisis, I’m so pleased to share that today’s bond sale confirmed what we already know: Investors have confidence in Maryland’s financial stability.
Recently, all three major bond rating agencies affirmed Maryland’s AAA bond rating–a gold seal of fiscal responsibility and an indication of the faith that the agencies have in Maryland’s ability to make the tough, but fiscally responsible choices needed to balance our budget while at the same time protecting our priorities.
Today’s bonds sold at a near record-low interest rate–even as an uncertain financial climate hangs over our federal government.
As Treasurer Kopp noted, “I think this is an amazing ratification of confidence in the state of Maryland and in the value of our bonds. People recognize a very good investment.”
In the midst of the worst national recession since the Great Depression, we’ve been able to protect our State’s long-term financial health, invest in our future, create and save jobs and protect our most valuable asset—the skills and strength of our people.
In awarding us this seal of fiscal responsibility, Moody’s stated, “The highest quality rating reflects Maryland’s strong financial management policies, stable economy with high personal income levels, and ability to maintain positive available reserves despite sustained pressure on its budget.”
But unfortunately, we also know that we are not immune to the dealings of the federal Government. Congress must find a way to compromise on a balanced approach to reducing the deficit so that our country can do what we do in Maryland every day: pay our bills on time, invest in our future and make the tough choices necessary to move forward.
Once again, we have proven that we are a good investment and we’re going to continue to move forward because that’s what our state does.
Sincerely,
Martin O’Malley
Governor
P.S. For more updates follow me on twitter @governoromalley and the new Maryland Office of the Governor on Facebook
Steve Payne says
The bond market knows that Maryland isn’t subject to all this uncertainty that exists in the federal political system right now. Md may be a better bet than the US. We’ll soon see.