Colin MacNaught today will take over as assistant treasurer for debt management for Massachusetts, replacing Patrick Landers, who left the state to join Lehman Brothers’ health care finance department.

MacNaught moves from rating bonds to structuring debt. Previously, he was an associate director at Standard & Poor’s Boston office. MacNaught’s tenure at Standard & Poor’s will help him in his new capacity as he oversees the commonwealth’s debt financings.

“We are thrilled to have Colin joining the Treasury staff,” Treasurer Timothy Cahill said in a prepared statement. “His experience and expertise will help continue the excellent work of our debt management department.”

MacNaught joins the treasury department as it begins a new borrowing strategy of issuing one large bond deal towards the beginning of a fiscal year as opposed to several smaller deals throughout the year.

The state last sold $1.24 billion of bonds in early August to help support capital projects for most of fiscal 2008, which began July 1, 2007, and ends June 30.

In another personnel change, Navjeet K. Bal will become the state’s commissioner of the Department of Revenue when the current commissioner, Henry Dormitzer, leaves by the end of the month.

Dormitzer will be chief financial officer at Free Flow Power Corp. Bal has been senior deputy commissioner since September. Before that, she worked for Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC from September 1989 through April 2007. Bal is a graduate of Williams College and has a law degree from Northeastern University.

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