Commonwealth of Massachusetts Bond Programs, Securities, and Ratings
| Bond Program | Security | Moody's Investors Service | S&P Global Ratings | Fitch Ratings | Kroll Bond Rating Agency |
|---|---|---|---|---|---|
| General Obligation Bonds (GO) | Secured by the full faith and credit of the Commonwealth | Aa1 Stable | AA+ Stable | AA+ Stable | NA |
| Special Obligation Bonds (CTF) | Secured with a pledge of receipts credited to the Commonwealth Transportation Fund (gas tax receipts and Registry of Motor Vehicle fees) | Aa1 Stable | AAA Stable | NA | AAA Stable |
| Special Obligation Bonds (Unemployment Insurance Trust Fund, UITF) | Secured with a pledge of a special COVID-19 Recovery Assessment levied on Massachusetts employers | Aa1 Stable | NA | AAA Stable | AAA Stable |
| Federal Grant Anticipation Notes (GANs) | Secured by a pledge of federal highway construction reimbursements with additional credit support from the Commonwealth Transportation Fund | Aa2 Stable | AAA Stable | NA | NA |
2026
- $750,000,000* General Obligation Bonds Consolidated Loan of 2026, Series D, $233,790,000* General Obligation Refunding Bonds 2026 Series B
- $185,000,000* General Obligation Bonds Consolidated Loan of 2026 Series A, $255,000,000* General Obligation Bonds Consolidated Loan of 2026 Series B, $360,000,000* General Obligation Bonds Consolidated Loan of 2026 Series C, $285,780,000* General Obligation Refunding Bonds Series A
2025
- $750,000,000* General Obligation Bonds Consolidated Loan of 2025, Series G, $268,585,000* General Obligation Refunding Bonds, 2025 Series B
- Fitch (PDF)
|
Fitch PR Moody's (PDF)|
Moody's PR S&P (PDF) - $325,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2025 Series A, $168,200,000* Commonwealth Transportation Fund Revenue Refunding Bonds 2025 Series A
- Moody's Credit Opinion (PDF) S&P (PDF) Kroll (PDF)