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Credit Rating Agency Concerned By Maryland’s Unresolved Budget

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The Maryland State Capitol Building in Annapolis. (Photo credit: JIM WATSON/AFP/Getty Images)

The Maryland State Capitol Building in Annapolis. (Photo credit: JIM WATSON/AFP/Getty Images)

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ANNAPOLIS, Md. (CBSDC/AP) — Maryland Treasurer Nancy Kopp has spoken to Gov. Martin O’Malley about a credit rating agency’s concerns over the state’s unresolved budget situation.

Kopp talked to O’Malley during a pre-meeting of the state’s Board of Public Works on Wednesday.

She says a representative from Moody’s Investor Services called the state on Tuesday as the credit agency warned that counties could face a downgrade in their bond ratings. Kopp says the representative was assured Maryland will have a balanced budget before the next fiscal year, whether through a special session or cuts by the Board of Public Works.

O’Malley says “there’s a lot of denial right now” about the potential consequences due to the Legislature’s failure to approve a revenue package in the regular session that ended last week.

The governor said he will call a special session of the General Assembly to avert about $512 million in budget cuts as soon as the House and Senate can reach consensus on how to pass a revenue package to make up the money.

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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