Three major financial agencies have affirmed the Massachusetts bond rating, citing the Patrick administration’s "effective management during economic downturns."

Moody’s, Fitch, and Standard & Poors all maintained their respective ratings as the state prepared for a bond swap. The administration announced the findings on Friday.

Despite the upbeat assessment, Moody’s sounded a sour note.

The agency says its rating "reflects the commonwealth’s demonstrated willingness to cut spending and raise revenues to close budget gaps."

It also warns that Massachusetts has debt levels "that are among the highest in the nation."

Nonetheless, it declares that "the outlook is stable." (AP)