Credit ratings agencies have affirmed Maine’s bond standing amid the coronavirus pandemic.

Moody’s Investor Services affirmed Maine’s Aa2 rating and Standard & Poors Global Ratings affirmed an AA rating for the state’s debt. Both agencies affirmed a stable outlook for the state, according to Maine State Treasurer Henry Beck. Both ratings are the third-highest available from the respective agencies and are considered “high grade.”

Reaffirmation of Maine’s standing is welcome news as the state enters a period of financial uncertainty linked to the economic downturn prompted by the coronavirus pandemic.

Maine raises money to fund infrastructure improvements and other state projects by issuing bonds for sale to investors.

S&P Global said the state’s “active budget management and good reserve profile” will help it navigate the economic uncertainty and stresses brought on by the pandemic, the state reported.

“Seven states have seen downgrades recently, but not Maine. Bond rates have stabilized since March and yields for high-grade, 10-year bonds are near all-time lows,” Beck said in a news release. “Funding these vital projects now makes sense for the market and for Maine.”

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