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
Positive
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
AA+
Positive

 

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)

A1
Stable
BBB+
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
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

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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$1,000,000,000* General Obligation Bonds Consolidated Loan of 2022, Series C, $104,770,000* General Obligation Refunding Bonds 2022, Series A

 

Moody's (PDF)

S&P Rating Outlook Upgrade (PDF) 

Fitch (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)

Fitch (PDF)

Kroll (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


Moody's (PDF)

S&P (PDF)

Kroll (PDF)

 

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.

 

S&P Ratings Report (PDF)

 

$300,000,000* General Obligation Bonds Consolidated Loan of 2022, Series A, $350,000,000* General Obligation Consolidated Loan of 2022, Series B

 

Fitch (PDF)

Moody's (PDF) | Moody's Credit Opinion (PDF)

S&P (PDF)

 

2021

$310,000,000* General Obligation Refunding Bonds, 2021 Series B


Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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)

S&P (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)

S&P (PDF)

Kroll (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

 

Fitch (PDF)

Moody's (PDF) | Moody's Credit Opinion

S&P (PDF)

 

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)

 

Fitch (PDF)

Moody's (PDF) | Moody's Credit Opinion

S&P (PDF)

 

$177,180,000 General Obligation Refunding Bonds 2020 Series A (Multi-Modal Bonds)


Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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)


Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$685,000,000 General Obligation Bonds Consolidated Loan of 2020 Series A, Series B & Series C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

Revised Outlook to Negative from Stable for 2004 Special Obligation Dedicated Tax Revenue Bonds and 2005 Special Obligation Dedicated Tax Revenue Refunding Bonds

 

S&P November 2020 (PDF)

S&P April 2020 (PDF)

 

2019 

$53,500,000 2019 Series A Federal Highway Grant Anticipation Notes (Accelerated Bridge Program)


Moody's (PDF)

S&P (PDF)

 

$200,000,000 2019 Series A Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)

 

Kroll (PDF)

Moody's (PDF)

S&P (PDF)

 

$1.4 Billion 2019 General Obligation Revenue Anticipation Notes Series A, B & C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

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)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$196,000,000 General Obligation Refunding Bonds 2019 Series C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$700,000,000 General Obligation Bonds Consolidated Loan of 2019 Series C, Series D, Series E & Series F

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$77,945,000 General Obligation Refunding Bonds 2019 Series B (Delayed Delivery)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2018

$1.5 Billion 2018 General Obligation Revenue Anticipation Notes Series A, B & C - 2018 RANS Series A, B & C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$726,310,000 General Obligation Bonds Series E and C (Refunding) - 2018 E & C (Refunding)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$225,000,000 2018 Series A Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs) 2018 A CTF Report

 

Kroll (PDF)

Moody's (PDF)

S&P (PDF)

 

Moody's Issuer In-Depth 2018 Commonwealth of Massachusetts

Moody's (PDF)

$346,370,000 General Obligation Refunding Bonds 2018 Series B

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$525,000 General Obligation Bonds Consolidated Loan of 2018 Series C and Series D

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$600,000,000 General Obligation Bonds Consolidated Loan of 2018 Series A and Series B

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2017

2017A $142.68M Federal Highway GANs (Accelerated Bridge Program)

 

Moody's (PDF)

S&P (PDF)

 

2017A $350M CTF Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs); $151.255M CTF Refunding Revenue Bonds

 

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

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

 

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$834,545,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series G and 2016 Refunding Series C Bonds

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Moody's (PDF)

S&P (PDF)

 

$1,500,000,000 Commonwealth of Massachusetts G.O. Revenue Anticipation Notes 2016 Series A, B & C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$125,410,000 Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2016 Series A

 

Moody's (PDF)

S&P (PDF)

 

$700,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series F ("Green Bonds") and 2016 Refunding Series B Bonds

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$500,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series D and E

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$1,100,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2016 Series A and 2016 Refunding Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2015

$550,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series D and E

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$450,000,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Rail Enhancement Program) 2015 Series A

 

Moody's (PDF)

S&P (PDF)

 

$1,200,000,000 Commonwealth of Massachusetts G.O. Revenue Anticipation Notes 2015 Series A, B & C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$951,705,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series C and Refunding Bonds 2015 Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$550,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2015 Series A & Consolidated Loan of 2015 Series B (Federally Taxable)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$510,000,000 Commonwealth of Massachusetts G.O. MassDirect Notes, FY14 Series 10-15, FY15 Series 1-10

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2014

$202,895,000 Commonwealth of Massachusetts G.O. (SIFMA Index Bonds) 2014 Refunding Series D & E

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$330,000,000 Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2014 Series A

 

Moody's (PDF)

S&P (PDF)

 

$100,000,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2014 Series A

 

Moody's (PDF)

S&P (PDF)

 

$700,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series F & Consolidated Loan of 2014 Series G (Federally Taxable)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$400,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series D

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$450,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series C

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$200,000,000 Commonwealth of Massachusetts G.O. Bonds Consolidated Loan of 2014 Series B (Federally Taxable)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$250,000,000 Commonwealth of Massachusetts GO MassDirect Notes℠

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2013

$362,960,000 Commonwealth of Massachusetts Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2013 Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$287,865,000 Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program) 2013 Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)
 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$450,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2013 Series A and $75,000,000 Series B (Federally Taxable)

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$230,540,000 Commonwealth of Massachusetts General Obligation Refunding Bonds (SIFMA Index Bonds) 2013 Series A

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2012

$325,000,000 Commonwealth of Massachusetts General Obligation Consolidated Loan of 2012, Series D

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$1,200,000,000 General Obligation Revenue Anticipation Notes $600,000,000 2012 Series A, $600,000,000 2012 Series B -September 27, 2012

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$400,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2012, Series C - September 25, 2012

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$350,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2012, Series B - May 22, 2012

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$419,260,000 Commonwealth Transportation Fund Revenue Bonds (Accelerated Bridge Program) 2012 Series A - May 8, 2012

 

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2011

$400,000,000 Commonwealth of Massachusetts General Obligation Bonds Consolidated Loan of 2011, Series E - December 20, 2011

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$500,525,000 General Obligation Bonds Consolidated Loan of 2011, Series D - September 21, 2011

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$469,635,000 General Obligation Bonds Consolidated Loan of 2011, Series B, Series C (BuildMassBonds) - May 24, 2011

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$146,280,000 General Obligation Refunding Bonds (SIFMA Index Bonds) 2011 Series A - February 9, 2011

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2010

$350 million General Obligation Bonds, Consolidated Loan of 2010 Series E (Federally Taxable - Build America Bonds - Direct Pay to Issuer) - November 23, 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

358,000,000 General Obligation Bonds, Consolidated Loan of 2010 Series D (Federally Taxable - Build America Bonds - Direct Pay to Issuer) - August 18, 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

1,200,000,000 General Obligation Revenue Anticipation Notes, 2010 Series A, B & C - August 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$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

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$250 million General Obligation Bonds, Series 2010 B - June 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$450 Million General Obligation Bonds, Series 2010 A (BABs) - May 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$538.86 Million G.O. Refunding Bonds, Series 2010 A (SIFMA Index Bonds) - March 2010

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2009

$956.45 Million General Obligation Bonds, Series 2009 E (BABs) - December 2009

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$1.2 Billion G.O. Revenue Anticipation Notes, Series 2009 A, B & C - September 2009

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$699.87 Million G.O. Bonds, Series 2009 B, C & D (Taxable) - May 2009

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$525 Million G.O. Bonds, Series 2009 A - February 2009

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

2008

$325 Million G.O. Bond Anticipation Notes, Series 2009 A - December 2008

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$544.29 Million G.O. Refunding Bonds, 2008 Series A - November 2008

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$750 Million G.O. Revenue Anticipation Notes, Series 2009 B & C - October 2008

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

 

$652.79 Million G.O. Bonds, Series 2008 A - September 2008

 

Fitch (PDF)

Moody's (PDF)

S&P (PDF)