Fitch cuts Maine to 'AA' amid budget gap concerns

Tue Jan 22, 2013 5:45pm EST

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Jan 22 (Reuters) - Fitch Ratings downgraded its rating on Maine's $472 million of general obligation bonds to 'AA' from 'AA-plus' because of persistent budget gaps and underperforming revenues.

Fitch also revised its rating outlook to stable from negative.

In connection with the downgrade, Fitch also cut its rating on $1.4 billion of Main Municipal Bond Bank's general resolution bonds to 'A-plus' from 'AA-minus."

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