MD GOP Leaders Blast MD Democrats for Firing Moody’s after a Downgraded Rating

The State of Maryland has ended its decades-long relationship with Moody’s Investors Services after the agency downgraded Maryland’s bond rating from AAA to Aa1. Senate Minority leaders report that this is the first time in over 50 years that Maryland’s bond rating has been downgraded – with the agency citing reckless spending, ballooning deficits and economic mismanagement. State Treasurer Dereck Davis fired Moody’s and replaced them with Kroll Bond Rating Agency, a lesser-known firm that gave Maryland Democrats the AAA rating they wanted.

Additional information from the Maryland Senate Republican Caucus:

“Maryland Democrats just fired Moody’s because they didn’t like what Moody’s had to say.”

This isn’t fiscal leadership. This is shooting the messenger.

The problems Moody’s identified don’t disappear because you found a friendlier rating agency. Maryland still faces a projected $3+ billion structural deficit. Taxpayers are still on the hook for higher borrowing costs. And Marylanders are still paying the price for years of failed fiscal decisions made by Annapolis Democrats.

If you don’t like your doctor’s diagnosis, finding a new doctor doesn’t cure the disease. Maryland‘s financial challenges are real, and no amount of political spin will change that.

With an $800 million bond sale happening this week, Marylanders deserve honesty about the state of our finances, not a ratings shopping trip designed to protect one-party rule in Annapolis.”