In January 2013, two years into Paul LePage’s first term in office, Fitch Ratings downgraded Maine’s credit rating.
The ratings firm made its assessment based on the “contentious decision-making environment” LePage fostered by refusing to meet with Democratic leadership and swearing at legislators, slipping state revenues, and budget gaps, including a $100 million shortfall in the MaineCare budget that would have been exacerbated by LePage’s proposed 2013 budget. LePage’s 2013 budget proposal ballooned property taxes and slashed municipal services, all while maintaining massive tax breaks for Maine’s wealthiest individuals and corporations.
Governor Mills' “active budget management” and the state’s “very good” cash pool has led all three US credit rating agencies to affirm Maine’s credit rating, even as many other states have faced ratings or outlook downgrades amid the COVID-19 pandemic. Under Governor Mills, Maine announced an $800 million budget surplus and a record-sized Rainy Day Fund, putting the state in excellent financial shape.
“The LePage-caused credit rating downgrade was just another way that our former governor made life harder for Mainers,” said Drew Gattine, Chair of the Maine Democratic Party. “Time and again, LePage’s mismanagement of our government and our economy put Mainers at a disadvantage relative to the rest of the country. We can’t put LePage in charge of state government again because he will only drag us backward.”