Fitch’s leaves Maine bond rating at AA

AUGUSTA – A second bond-rating agency said Thursday it is leaving Maine’s rating unchanged, prompting Gov. John Baldacci to say the state is successfully weathering fiscal challenges.

Fitch Ratings reported Maine’s general obligation bond rating to be stable at AA, days after Moody’s Investors Service also left the state’s general obligation bond rating unchanged at Aa3.

A year ago, Moody’s downgraded Maine bonds from Aa2 to Aa3. Last week, Moody’s said it will maintain its Aa3 rating, citing improvements in Maine’s fiscal position.

“We have worked hard in Maine to improve our economy and financial situation,” Baldacci said after Fitch’s issued its report.

State Treasurer David Lemoine said Fitch’s acknowledged Maine’s low debt burden and strong debt structure as important credit strengths.

Lemoine said Fitch’s AA rating and stable outlook indicate that Maine is fiscally sound.

“We expect to once again have a very strong bond sale in both the retail and institutional markets,” Lemoine said. The state plans to sell about $52 million of general obligation bonds Friday and Monday.