Transparency following an unusually harsh winter and amid other challenges sends an important message to bond rating agencies, Massachusetts Treasurer Deborah Goldberg said June 9.
"We remained extremely aware that the rating agencies were watching us closely," Goldberg said at the Greater Boston Chamber of Commerce government affairs forum at the Renaissance Boston Waterfront Hotel. Massachusetts structural budget deficits and leadership changes at the state level have also been on the capital markets' radar.
Goldberg succeeded Steven Grossman in January, while Gov. Charlie Baker succeeded Deval Patrick.
Boston sustained a record-setting 109 inches of snow, grinding much of its public transit system to a halt.
Earlier this spring, Goldberg's senior leadership team met with officials from Moody's Investors Service, Fitch Ratings and Standard & Poor's. The agencies reaffirmed their ratings and stable outlooks.
Fitch and S&P rate Massachusetts' general obligation bonds AA-plus. Moody's assigns an equivalent Aa1.
Goldberg implored businesses to address a range of economic challenges including financial literacy, wage equality and the widening skills gap. "You will see it impact your bottom line over time."
She said she would continue to seek corporate input on such matters.