S&P Global Ratings' stable outlook on 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 capital. We are unlikely to raise our ratings on MassDevelopment in the next 12-24 months. MassDevelopment was created in 1998 from a statutory merger of the Massachusetts Government Land Bank and the Massachusetts Industrial Finance Agency. The
