BALTIMORE, MD—The Maryland Department of Transportation’s Consolidated Transportation Bonds received an upgrade from Moody’s to its top triple-A rating, according to a press release issued on Wednesday.

The rating upgrade places Maryland DOT’s debt at the same credit rating as the state’s general obligation debt. Moody’s said the change reflects the state’s strong involvement in and oversight of Maryland DOT’s debt program.

“The Maryland Department of Transportation is proud to achieve its second AAA rating from a credit rating agency,” said Maryland Transportation Secretary Paul J. Wiedefeld. “This upgraded rating reflects Moody’s confidence in the strong financial management practices of the Department and will result in lower borrowing costs and debt service savings for Marylanders.”

The upgrade marks the first time since 2010 that Maryland DOT has received a top triple-A rating. It also maintains a AAA rating from Standard & Poor’s and a rating of AA+ from Fitch Ratings.

According to the press release, Moody’s assigned a negative ratings outlook to Maryland DOT’s bonds to match the state’s outlook. The Consolidated Transportation Bonds issue by Maryland DOT are used to fund projects in the state’s Consolidated Transportation Program.

There is about $3 billion in outstanding debt for the program.

This article was written with the assistance of AI and reviewed by a human editor.