Two top credit agencies have affirmed their high ratings for Maine.
Both Moody’s and S&P Global Ratings affirmed their respective Aa1 and AA ratings, praising the state for its “responsive budget management” and having “strong fund balances and liquidity,” Gov. Janet Mills announced Friday morning.
“Maine’s strong financial picture and healthy reserves are confirmed by these ratings by Moody’s and S&P,” Mills said in a statement. “Over the last seven years, my Administration has produced responsible, balanced state budgets that have made significant investments to benefit Maine people and improve our economy, while also delivering more than $1 billion in tax relief and increasing our reserve funds to record levels. This disciplined approach should put Maine on strong financial footing for the years to come.”
Moody’s has affirmed or increased Maine’s credit rating every year since Mills took office, even during the economic challenges at the height of the COVID-19 pandemic. In 2024, Moody’s gave the state its second-highest rating — Aa1. Last year, Fitch rated Maine AA+, also its second-highest rating.
Both Moody’s and S&P praised Maine for the size of its “rainy day fund,” saying it ensures a “financial cushion” against an economic downturn.
Maine’s rainy day fund stands at $738 million after the passage this spring of a supplemental state budget, near the statutory maximum of $1.03 billion, according to the governor’s office.