Massachusetts Development Finance Agency

As of June 30, 2024, MassDevelopment had $255 million of cash on its balance sheet; that cash represented 42% of its assets. Of that cash, $212 million was restricted for specific development purposes. S&P Global Ratings' stable rating outlook on the Massachusetts Development Finance Agency (MassDevelopment) incorporates the opinion that over the next 12-24 months, the Commonwealth of Massachusetts will continue to offer support or, 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 Commonwealth. We could lower the ratings on MassDevelopment if, in our view, the Commonwealth changes its financial commitment to the agency or if operating losses significantly deplete

...The Massachusetts Development Finance Agency benefits from low debt and strong liquidity. For the fiscal year ended June 30, 2024, MassDevelopment's debt to adjusted total equity was 0.11x. The agency is funded primarily by capital from the Commonwealth of Massachusetts to carry out the state's economic development agenda. As of June 30, 2024, MassDevelopment had $255 million of cash on its balance sheet; that cash represented 42% of its assets. Of that cash, $212 million was restricted for specific development purposes. We believe it's highly likely that MassDevelopment would receive extraordinary support from the state in the event of financial distress. As a result, the stand-alone credit profile receives one notch of uplift....

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