...Maryland's 'AAA' Issuer Default Rating (IDR) reflects its broad, diverse and wealthy economy, very strong fiscal management with consensus-oriented long-term planning and multiple sources of flexibility. Although liabilities are elevated for a state, they are moderate relative to resources and carefully managed. The state's economy has long benefited from proximity to the nation's capital, although exposure to federal budget cuts poses a greater uncertainty for Maryland than for most states given its large federal agency presence and associated private contracting. Economic Resource Base: Maryland's economy is wealthy, diverse and service-oriented. The federal government's presence has long served as an important anchor to Maryland's economy, with numerous federal agencies, military facilities and contractors supporting the state's solid economic performance. Trade and port activity are also significant given Baltimore's prominence. Economic expansion continues, despite several years of...
