Maryland Completes Deal To Borrow $512.4M In Bond Sale

ANNAPOLIS, Md. (AP) - Maryland completed its effort to borrow $512.4 million Wednesday by selling general obligation bonds, getting a good response from investors despite the financial uncertainty churning around the debt limit debate in Washington.

Maryland Treasurer Nancy Kopp reacted with relief and confidence to the investor response, after Maryland and four other states were warned last week by Moody's Investors Service that their triple-A bond ratings could be lowered if the nation's bond rating is downgraded.

"We are the first triple-A state to go out since this business started in Washington," Kopp said, referring to the state's reaching out to the bond market. "Thus far, I am very happy to say the investors, particularly Maryland investors but all others have been able to tell the difference between the state of Maryland and some people down Route 50, and they're investing in us."

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