Despite the slow pace of the economic recovery, Massachusetts local governments continue to maintain their strong credit quality, says Moody's Investors Service in a report.

The commonwealth's diverse and improving economy, combined with a steady growth in property tax revenues, have led to general stability in the 282 municipal issuers that Moody's rates in Massachusetts. Local governments in the commonwealth benefit from its high wealth levels, educated workforce, and a housing market that proved resilient through the recession. Most local governments also feature strong governance and fiscal management and lower debt burdens to mitigate rising long-term liabilities in pensions and other post-employment benefit (OPEB) costs.

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