BOSTON--Moody's Investors Service lowered Massachusetts' bond rating to rock bottom Monday, Putting the former economic power-house below every other state in the nation in a reflection of the state's inability to deal with its growing budget deficit.
The deficit now is estimated at $700 million for fiscal 1990, a $200 million increase from the previous guess.
Standard & Poors last week affirmed the state's BBB rating, which was already lower than any other state.
Moody's had given Massachusetts a rating of Baa1, on a par with Louisiana, but the new rating of Baa drops Massachusetts below other states on Moody's credit-rating scale.
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