Md. borrows $400 million at banks' lowest rate

July 22, 2004|BY A SUN STAFF WRITER

Maryland is borrowing $400 million for construction projects at the fourth-lowest interest rate in state history after an electronic bond auction yesterday.

Merrill Lynch offered to sell the state's general obligation bonds at a 3.88887 percent return, the lowest rate offered by the five bidding investment banks.

Maryland's bonds are graded AAA, the best possible rating, after favorable financial reviews by three Wall Street rating agencies. Maryland is one of only a few states that has an across-the-board top rating, meaning it can borrow money at the best possible terms for a state government.

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