WASHINGTON — Maryland Gov. Martin O’Malley hailed the budget he signed into law last week as a way to secure the state’s triple-A bond rating, but a new Moody’s Investors Service report warned the new budget could hurt the credits of more than 20 municipalities.

The budget balances a $1.1 billion structural deficit by shifting teacher pension costs from the state to localities, along with spending cuts and tax increases. At the signing last week, O’Malley said a modern economy requires investments to create jobs.

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