The credit rating for Massachusetts is now on par with most New England states, after a major credit rating agency downgraded the state's bonds.
S&P Global Ratings lowered the rating for Massachusetts one level to AA. It's the first downgrade for the state's bonds in nearly 30 years.
S&P cited the state's failure to rebuild its rainy day fund, even though Massachusetts has enjoyed above-average economic growth compared with other states.
Last month, S&P downgraded Connecticut's bonds, citing economic weakness.
Vermont currently has the highest rating from the agency of all New England states. Its bonds are rated AA+.