3 bond rating agencies laud Patrick administration for Mass. budget management stewardship

Bond rating agencies laud Mass. budget management

BOSTON — Three major bond rating agencies are complimenting the fiscal stewardship of the Patrick administration.

Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all affirmed their credit ratings for Massachusetts this week.

Moody’s credited “effective management during strained economic times.”

Fitch’s report cited “a record of prudent financial management.”

Standard & Poors highlighted “strong and conservative budget management practices.’”

Dwindling tax collections prompted four rounds of budget-cutting last year. And Gov. Deval Patrick recently announced the state would have to trim another $600 million in spending.

Patrick is up for re-election next year, and one opponent — Republican Charles Baker — has repeatedly accused him of letting the state budget get away from him.