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State bond rating downgraded in blow to Baker, Mass. politicians

Governor Charlie Baker. –Keith Bedford/Globe Staff

A national bond-rating agency has downgraded its measure of Massachusetts’ creditworthiness for the first time in almost 30 years, a decision that has the potential to tarnish Governor Charlie Baker’s image as a good steward of the state’s economy.

Despite Massachusetts’ solid growth, S&P Global Ratings said Friday it is lowering the state’s rating one notch, to the third-highest tier, AA, because Beacon Hill leaders have failed to replenish the state’s rainy day fund as promised.

“Despite above-national average economic growth through a prolonged period of economic expansion, the state has not demonstrated a commitment to its adopted budget reserve policies,’’ the rating agency wrote.

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