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
|
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 (Convention Center)
|
Secured with a pledge of receipts credited to the Convention Center Fund (hotel occupancy tax receipts, vehicle rental surcharge fees and a portion of sales tax receipts) |
Aa3 Stable |
A- Stable |
NA | NA |
Special Obligation Bonds (Unemployment Insurance Trust Fund)
|
Secured with a pledge of a special COVID-19 Recovery Assessment levied on Massachusetts employers |
Aa1 |
NA
|
AAA |
AAA |
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 |
2024
- $210,000,000* General Obligation Bonds Consolidated Loan of 2024, Series G, $315,000,000* General Obligation Bonds Consolidated Loan of 2024, Series H, $275,000,000* General Obligation Bonds Consolidated Loan of 2024, Series I
-
- Revised Rating Change on Commonwealth of Massachusetts Special Obligation Dedicated Tax Revenue Refunding Bonds Series 2005 to 'Aa3' from 'A1'. Outlook is Stable.
-
- $150,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2024 Series A, $125,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2024 Series B (Sustainability Bonds), $225,000,000 Commonwealth Transportation Fund Revenue Refunding Bonds 2024 Series A
-
- $130,000,000* General Obligation Bonds Consolidated Loan of 2024 Series C, $220,000,000* General Obligation Bonds Consolidated Loan of 2024 Series D, $400,000,000* General Obligation Bonds Consolidated Loan of 2024 Series E, $100,000,000* General Obligation Bonds Consolidated Loan of 2024 Series F (Federally Taxable)
-
Full Fitch Report (PDF) | Fitch (PDF)
Moody's (PDF) | Moody's Credit Opinion (PDF)
- $650,000,000* General Obligation Bonds Consolidated Loan of 2024 Series B, $55,715,000* General Obligation Refunding Bonds 2024 Series C
-
Fitch as of 5.30.24 (PDF) | Fitch (PDF)
- $540,000,000* General Obligation Refunding Bonds 2024 Series B
-
Moody's
- $850,000,000* General Obligation Bonds Consolidated Loan of 2024, Series A, $540,000,000* General Obligation Refunding Bonds 2024 Series A
-
Moody's
2023
- $275,000,000* General Obligation Bonds Consolidated Loan of 2023, Series B, $200,000,000* General Obligation Bonds Consolidated Loan of 2023, Series C, $550,000,000* General Obligation Bonds Consolidated Loan of 2023, Series D, $260,000,000* General Obligation Bonds Consolidated Loan of 2023, Series E (Federally Taxable), $188,705,000* General Obligation Refunding Bonds, 2023 Series C
-
Moody's (PDF) | Moody's Credit Opinion (PDF)
- $300,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2023 Series A (Sustainability Bonds), $200,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2023 Series B
-
- $720,000,000* General Obligation Bonds Consolidated Loan of 2023 Series A, $275,000,000* General Obligation Bonds Refunding Bonds 2023 Series A
-
2022
-
$200,000,000* General Obligation Bonds Consolidated Loan of 2022, Series D, $500,000,000* General Obligation Bonds Consolidated Loan of 2022, Series E
-
- $1,000,000,000* General Obligation Bonds Consolidated Loan of 2022, Series C, $104,770,000* General Obligation Refunding Bonds 2022, Series A
-
S&P Rating Outlook Upgrade (PDF)
- $1,977,735,000* Special Obligation Revenue Bonds (Unemployment Insurance Trust Fund) 2022 Series A (Federally Taxable) (Social Bonds), $722,265,000* Special Obligation Revenue Bonds (Unemployment Insurance Trust Fund) 2022 Series B (Federally Taxable) (Social Bonds)
-
Moody's (PDF) | Moody's Credit Opinion (PDF)
- $200,000,000* Commonwealth Transportation Fund Revenue Bonds 2022 Series A (Sustainability Bonds), $100,000,000* Commonwealth Transportation Fund Revenue Bonds 2022 Series B
-
- Revised Rating Change on Commonwealth of Massachusetts Special Obligation Dedicated Tax Revenue Bonds Series 2004 and Special Obligation Dedicated Tax Revenue Refunding Bonds Series 2005 to 'A-' from 'BBB+'. Outlook is Stable.
-
- $300,000,000* General Obligation Bonds Consolidated Loan of 2022, Series A, $350,000,000* General Obligation Consolidated Loan of 2022, Series B
-
Moody's (PDF) | Moody's Credit Opinion (PDF)
2021
- $310,000,000* General Obligation Refunding Bonds, 2021 Series B
-
- $385,000,000 General Obligation Bonds, Consolidated Loan of 2021, Series C, $350,000,000 General Obligation Bonds, Consolidated Loan of 2021, Series D, $222,975,000 General Obligation Refunding Bonds, 2021 Series A
-
Series C and Series A - Fitch (PDF) | Series D - Fitch (PDF)
Series C and Series A - Moody's (PDF) | Series D - Moody's (PDF)
- $168,000,000* Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement Program) 2021 Series A (Sustainability Bonds), $232,000,000* Commonwealth Transportation Fund Revenue Bonds 2021 Series B, $320,000,000* Commonwealth Transportation Fund Revenue Refunding Bonds 2021 Series A
-
Moody's (PDF) | Moody's Credit Opinion (PDF)
- $200,000,000 General Obligation Bonds Consolidated Loan of 2021 Series A, $400,000,000 General Obligation Bonds Consolidated Loan of 2021 Series B
-
Moody's (PDF) | Moody's Credit Opinion
2020
- $500,000,000 General Obligation Bonds Consolidated Loan of 2020 Series E, $417,655,000 General Obligation Refunding Bonds 2020 Series D, and $444,090,000 General Obligation Refunding Bonds 2020 Series E (Federally Taxable)
-
Moody's (PDF) | Moody's Credit Opinion
- $177,180,000 General Obligation Refunding Bonds 2020 Series A (Multi-Modal Bonds)
-
- $775,000,000 General Obligation Bonds Consolidated Loan of 2020 Series D, $170,565,000 General Obligation Refunding Bonds 2020 Series B and $456,655,000 General Obligation Refunding Bonds 2020 Series C (Federally Taxable)
-
- $685,000,000 General Obligation Bonds Consolidated Loan of 2020 Series A, Series B & Series C
-
- Revised Outlook to Negative from Stable for 2004 Special Obligation Dedicated Tax Revenue Bonds and 2005 Special Obligation Dedicated Tax Revenue Refunding Bonds
-
2019
- $53,500,000 2019 Series A Federal Highway Grant Anticipation Notes (Accelerated Bridge Program)
-
- $200,000,000 2019 Series A Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)
-
- $1.4 Billion 2019 General Obligation Revenue Anticipation Notes Series A, B & C
-
- Moody's Credit Opinion: Update to Credit Analysis
-
Commonwealth of Massachusetts Update to Credit Analysis - Moody's (PDF)
- $400,000,000 General Obligation Bonds Consolidated Loan of 2019, Series H (Federally Taxable)
-
- $858,435,000 General Obligation (G.O.) Refunding Bonds 2019 Series D (Federally Taxable), $189,415,000 G.O. Refunding Bonds 2019 Series E and $425,000,000 G.O. Bonds Consolidated Loan of 2019 Series G
-
- $196,000,000 General Obligation Refunding Bonds 2019 Series C
-
- $700,000,000 General Obligation Bonds Consolidated Loan of 2019 Series C, Series D, Series E & Series F
-
- $77,945,000 General Obligation Refunding Bonds 2019 Series B (Delayed Delivery)
-
- $550,000,000 G.O. Bonds Consolidated Loan of 2019 Series A, $50,000,000 G.O. Bonds Consolidated Loan of 2019 Series B (Federally Taxable), and $318,320,000 G.O. Refunding Bonds 2019 Series A
-
2018
- $1.5 Billion 2018 General Obligation Revenue Anticipation Notes Series A, B & C - 2018 RANS Series A, B & C
-
- $726,310,000 General Obligation Bonds Series E and C (Refunding) - 2018 E & C (Refunding)
-
-
$225,000,000 2018 Series A Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs) 2018 A CTF Report
-
- Moody's Issuer In-Depth 2018 Commonwealth of Massachusetts
- $346,370,000 General Obligation Refunding Bonds 2018 Series B
-
-
$525,000 General Obligation Bonds Consolidated Loan of 2018 Series C and Series D
-
- $600,000,000 General Obligation Bonds Consolidated Loan of 2018 Series A and Series B
-
2017
- 2017A $142.68M Federal Highway GANs (Accelerated Bridge Program)
-
- 2017A $350M CTF Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs); $151.255M CTF Refunding Revenue Bonds
-
- $300,000,000 General Obligation Bonds Consolidated Loan of 2017 Series E; $300,000,000 General Obligation Bonds Consolidated Loan of 2017 Series F; $215,245,000 General Obligation Refunding Bonds 2017 Series E
-
- $100,000,000 General Obligation Bonds Consolidated Loan 2017 Series C; $400,000,000 General Obligation Bonds Consolidated Loan of 2017 Series D; $284,850,000 General Obligation Refunding Bonds 2017 Series D
-
- $400,000,000 GO Bonds Consolidated Loan of 2017 Series A, $100,000,000 GO Bonds Consolidated Loan of 2017 Series B (Green Bonds), and $277,595,000 GO Refunding Bonds of 2017 Series C
-
- $100,000,000 GO Refunding Bonds (SIFMA Index Bonds) 2017 Series A and $88,490,000 GO Refunding Bonds (SIFMA Index Bonds) 2017 Series B
-
2016
- $150,000,000 GO Bonds Consolidated Loan of 2016 Series H, $150,000,000 GO Bonds Consolidated Loan of 2016 Series I, and $300,000,000 GO Bonds Consolidated Loan of 2016 Series J
-
- $834,545,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series G and 2016 Refunding Series C Bonds
-
- $136,565,000 CTF Revenue Bonds (Rail Enhancement & Accelerated Bridge Program) 2016 Series A and $104,220,000 CTF Revenue Refunding Bonds 2016 Series A
-
- $1,500,000,000 Commonwealth of Massachusetts G.O. Revenue Anticipation Notes 2016 Series A, B & C
-
- $125,410,000 Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2016 Series A
-
- $700,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series F ("Green Bonds") and 2016 Refunding Series B Bonds
-
- $500,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series D and E
-
- $1,100,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series A and 2016 Refunding Series A
-
2015
- $550,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series D and E
-
- $450,000,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Rail Enhancement Program) 2015 Series A
-
- $1,200,000,000 Commonwealth of Massachusetts G.O. Revenue Anticipation Notes 2015 Series A, B & C
-
- $951,705,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series C and Refunding Bonds 2015 Series A
-
- $550,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series A & Consolidated Loan of 2015 Series B (Federally Taxable)
-
- $510,000,000 Commonwealth of Massachusetts G.O. MassDirect Notes, FY14 Series 10-15, FY15 Series 1-10
-
2014
- $202,895,000 Commonwealth of Massachusetts G.O. (SIFMA Index Bonds) 2014 Refunding Series D & E
-
- $330,000,000 Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2014 Series A
-
- $100,000,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2014 Series A
-
- $700,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series F & Consolidated Loan of 2014 Series G (Federally Taxable)
-
- $350,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series E (Green Bonds) & $329,600,000 Commonwealth of Massachusetts G.O. Ref. Bonds 2014 Series C
-
- $400,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series D
-
- $450,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series C
-
- $200,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series B (Federally Taxable)
-
- $250,000,000 Commonwealth of Massachusetts GO MassDirect Notes℠
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2013
- $362,960,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2013 Series A
-
- $287,865,000 Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2013 Series A
-
- $800,000,000 Commonwealth of Massachusetts G.O. Revenue Anticipation Notes $200,000,000 Series A, $300,000,000, Series B, and $300,000,000 Series C
-
- $100,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2013 Series C & $100,000,000 Series D (Green Bonds) & $469,045,000 Commonwealth of Massachusetts G.O. Ref. Bonds 2013 Series B
-
- $450,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2013 Series A and $75,000,000 Series B (Federally Taxable)
-
- $230,540,000 Commonwealth of Massachusetts General Obligation Refunding Bonds (SIFMA Index Bonds) 2013 Series A
-
2012
- $325,000,000 Commonwealth of Massachusetts General Obligation Consolidated Loan of 2012, Series D
-
-
$1,200,000,000 General Obligation Revenue Anticipation Notes $600,000,000 2012 Series A, $600,000,000 2012 Series B -September 27, 2012
-
- $400,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2012, Series C - September 25, 2012
-
- $350,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2012, Series B - May 22, 2012
-
- $419,260,000 Commonwealth Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2012 Series A - May 8, 2012
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- $171,145,000 General Obligation Refunding Bonds (SIFMA Index Bonds) 2012 Series A and $291,705,000 General Obligation Bonds Consolidated Loan of 2012, Series A (SIFMA Index Bonds) - January 18, 2012
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2011
- $400,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2011, Series E - December 20, 2011
-
- $600,000,000 Commonwealth of Massachusetts General Obligation Revenue Anticipation Notes 2011 Series A and $600,000,000 Commonwealth of Massachusetts General Obligation Revenue Anticipation Notes 2011 Series B - November 15, 2011
-
- $500,525,000 General Obligation Bonds Consolidated Loan of 2011, Series D - September 21, 2011
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- $469,635,000 General Obligation Bonds Consolidated Loan of 2011, Series B, Series C (BuildMassBonds) - May 24, 2011
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$80,005,000 General Obligation Refunding Bonds 2011 Series B and $360,000,000 General Obligation Bonds Consolidated Loan of 2011 Series A - March 23, 2011
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- $146,280,000 General Obligation Refunding Bonds (SIFMA Index Bonds) 2011 Series A - February 9, 2011
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2010
- $350 million General Obligation Bonds, Consolidated Loan of 2010 Series E (Federally Taxable - Build America Bonds - Direct Pay to Issuer) - November 23, 2010
-
- 358,000,000 General Obligation Bonds, Consolidated Loan of 2010 Series D (Federally Taxable - Build America Bonds - Direct Pay to Issuer) - August 18, 2010
-
- 1,200,000,000 General Obligation Revenue Anticipation Notes, 2010 Series A, B & C - August 2010
-
- $120,390,000 General Obligation Refunding Bonds, 2010 Series B & $165,595,000 General Obligation Bonds Consolidated Loan of 2010, Series C - July 23, 2010
-
- $250 million General Obligation Bonds, Series 2010 B - June 2010
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- $450 Million General Obligation Bonds, Series 2010 A (BABs) - May 2010
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- $538.86 Million G.O. Refunding Bonds, Series 2010 A (SIFMA Index Bonds) - March 2010
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2009
- $956.45 Million General Obligation Bonds, Series 2009 E (BABs) - December 2009
-
- $1.2 Billion G.O. Revenue Anticipation Notes, Series 2009 A, B & C - September 2009
-
- $699.87 Million G.O. Bonds, Series 2009 B, C & D (Taxable) - May 2009
-
- $525 Million G.O. Bonds, Series 2009 A - February 2009
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2008
- $325 Million G.O. Bond Anticipation Notes, Series 2009 A - December 2008
-
- $544.29 Million G.O. Refunding Bonds, 2008 Series A - November 2008
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- $750 Million G.O. Revenue Anticipation Notes, Series 2009 B & C - October 2008
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- $652.79 Million G.O. Bonds, Series 2008 A - September 2008
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