Financial and operational support from Massachusetts Strong capital and liquidity Diversified business lines Volatile financial results Reliance on Massachusetts' grant and capital contributions Geographic concentration exposes agency to economic conditions in Massachusetts S&P Global Ratings' stable outlook on the Massachusetts Development Finance Agency (MassDevelopment) incorporates our opinion that over the next 12-24 months, the state of Massachusetts will continue to offer support and, in the event of financial distress, extraordinary support to the agency. We expect this support in all economic cycles, given MassDevelopment's close business and financial ties 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
