Financial and operational support from Massachusetts Strong capital and liquidity levels Diversified business lines Volatile financial performance Reliance on Massachusetts' grant and capital contributions Geographic concentration that exposes the agency to weak conditions in the Massachusetts economy The stable outlook on Massachusetts Development Finance Agency (MassDevelopment) incorporates S&P Global Ratings' opinion that the state will continue to offer support and, in the event of financial distress, extraordinary support. We expect this support in all economic cycles given the close business and financial ties MassDevelopment has with the state. We could lower the ratings on MassDevelopment if, in our view, the state changes its financial commitment to the agency, or if operating losses significantly deplete the agency's capital. It is unlikely
