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Article: BOND RATING FIRM WARNS STATE AGAINST FURTHER CREDIT LOSS
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- October 14, 1989
- Author:
CopyrightCopyright (null) The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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A Wall Street bond rating firm yesterday labeled
Massachusetts' financial outlook as "negative" and warned that
unless the state soon erases an expected deficit it will drop its
low credit rating, already the second-worst in the nation, even
further.
Officials of Standard and Poor's in New York issued a summary
of the state's financial situation, adding that it expects a
deficit for the year of more than $330 million, possibly as high as
$500 million.
"Failure to address these gaps, while they are still
manageable, would result in more harm to the state's already low
credit rating," the summary said.
The firm also warned that "unexpected" short-term borrowing to
keep the state's ...