Ratings Reports

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 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

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

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

S&P (PDF)

Fitch (PDF) | Fitch New Issue Report (PDF)

Revised Rating Change on Commonwealth of Massachusetts Special Obligation Dedicated Tax Revenue Refunding Bonds Series 2005 to 'Aa3' from 'A1'. Outlook is Stable.

Moody's Rating Upgrade

$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

Moody's (PDF)

S&P (PDF)

Kroll (PDF)

$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)

S&P (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)

Moody's (PDF)

S&P (PDF)

$540,000,000* General Obligation Refunding Bonds 2024 Series B

Fitch (PDF)

Moody's

S&P (PDF)

$850,000,000* General Obligation Bonds Consolidated Loan of 2024, Series A, $540,000,000* General Obligation Refunding Bonds 2024 Series A

Fitch (PDF)

Moody's

S&P (PDF)

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

Fitch (PDF)

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

S&P (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

Moody's (PDF)

S&P (PDF)

Kroll (PDF)

$720,000,000* General Obligation Bonds Consolidated Loan of 2023 Series A, $275,000,000* General Obligation Bonds Refunding Bonds 2023 Series A

Fitch (PDF)

Moody's (PDF)

S&P (PDF)

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