Maryland Loses AAA Bond Rating: Senate Republican Leaders Say “We’re Paying The Price For Failed Leadership”

Note: This press release was provided by the Maryland Senate Republican Caucus.

ANNAPOLIS, Md. – For the first time in over five decades, Maryland no longer holds a AAA bond rating—a status that once symbolized sound fiscal management under both Republican and Democratic governors. Today’s downgrade marks a major turning point and a harsh indictment of the state’s current direction under Governor Wes Moore.

“Donald Trump didn’t downgrade Maryland’s bond rating—Annapolis Democrats did. And now they’re scrambling for someone else to blame. This is the result of reckless spending, bloated budgets, and an economy that’s been hollowed out by overregulation and overreliance on the federal government,” said Senate Minority Leader Steve Hershey. “Maryland is at the top of a financial death spiral. This is not how we win the future—and at this rate, we won’t be able to afford the future.”

The loss of the AAA rating will have real costs for Maryland taxpayers. The state will now pay more to borrow money for essential services and infrastructure. That means new schools, roads, bridges, ambulances, and public safety equipment will all come with a higher price tag—a burden that ultimately falls on working families.

“Governor Moore promised to make this ‘Maryland’s Decade,’ but he and Maryland’s Democratic supermajority keep putting all their eggs in one basket, banking our entire economy on the federal government instead of building a diversified, competitive private sector,” said Senate Minority Whip Justin Ready. “We could be a leader in exporting natural gas, expanding nuclear power, becoming a net electricity exporter, dominating the biotech industry, and rebuilding our manufacturing strength. But year after year, Democratic policies stifle growth with red tape, taxes, and expanding the cost of government – all on the backs of our taxpayers.”

“Maryland is called ‘America in miniature’ for a reason—we have every asset needed to build the most dynamic

economy on the East Coast,” Ready continued. “But Governor Moore and his Democratic allies have chosen more spending and higher taxes, not more opportunity. Now we’re seeing the consequences.”

Governor Moore, who inherited a surplus and a AAA rating, has steered Maryland in the wrong direction.

“Since well before Governor Moore, Maryland governors—Democrats and Republicans alike—protected this AAA rating as a symbol of our financial integrity,” said Hershey. “But in just over a year, Governor Moore’s administration has eroded that legacy through unchecked spending and a lack of serious fiscal discipline. His feel-good messaging can’t cover up the fact that the choices made under his leadership have left Maryland weaker, not stronger.”