STATEMENT FROM GOVERNOR MARTIN O’MALLEY ON MARYLAND’S RETENTION OF ITS TRIPLE A BOND RATING

ANNAPOLIS, MD (February 23, 2011) – Governor Martin O’Malley today issued the following statement regarding Maryland retention of its Triple A bond rating by all three bond rating agencies:

“Once again, all three bond rating agencies have reaffirmed Maryland’s fiscal strength, even during difficult times. Because of the tough choices we’ve made together to create and save jobs and to practice fiscal responsibility, we are able to remain one of only eight states to retain the highest possible Triple A bond rating.”

“I want to thank Treasurer Kopp and Comptroller Franchot for their leadership and management of our State’s finances. As Maryland transitions into the new economy, and as we work together to balance our budget challenges for next year, it is our hope that we will continue to protect this seal of fiscal responsibility and maintain a strong commitment to improving conditions for Maryland businesses, creating jobs and fueling our economic progress.”

"I feel confident that working with the General Assembly, we can strengthen the funding of our pension system on behalf of our state employees and retirees."

Maryland remains one of only eight states to maintain the highest possible Triple A bond rating. In affirming the rating, Standard & Poor’s noted “Maryland’s economic strength and historically strong financial and debt management policies.” Fitch noted that “the state’s economy is returning to growth after a recession” and Moody’s mentions that the rating “reflects Maryland’s strong financial management policies, stable economy with high personal income levels, and ability to maintain positive available reserves despite sustained pressure on its budget.”