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 Dedicated Transportation Revenue (DTR) | Secured with a pledge of $550 million in Dedicated Transportation Income Surtax Revenue Amount (“DTISRA”), pledged solely to the DTR bonds, and receipts credited to the Commonwealth Transportation Fund (gas tax receipts and Registry of Motor Vehicle fees) subject to the prior pledge granted to the CTF bonds | NA | AAA Stable | NA | AAA Stable |
| Special Obligation Bonds Commonwealth Transportation Fund (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 Reimbursements and Pledged Commonwealth Revenues (DTISRA, gas tax receipts and Registry of Motor Vehicle fees) subject to prior pledge granted to the CTF bonds and DTR bonds | NA | AAA Stable | NA | AAA Stable |
2026
- $583,890,000* Dedicated Transportation Revenue Bonds 2026 Series A
- $100,000,000* Federal Highway Grant Anticipation Notes 2026 Series A
- $200,000,000* General Obligation Bonds Consolidated Loan of 2026 Series E, $180,000,000*, General Obligation Bonds Consolidated Loan of 2026 Series F, $300,000,000* General Obligation Bonds Consolidated Loan of 2026 Series G, $70,000,000*, General Obligation Bonds Consolidated Loan of 2026 Series H (Federally Taxable), $128,365,000* General Obligation Refunding Bonds 2026 Series C
- $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
- $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
*Preliminary, subject to change.