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Maryland credit rating, day three

The credit rating front has been quieter Wednesday with Maryland officials believing any Standard & Poor's rating action will not come soon, if at all. Here are some of the things that didn't quite make the stories in the dead-tree editions as the state held its breath, waiting for an S&P downgrade and then when it seemed Maryland was in the clear, at least for now. On pensions... The stock market volatility is not good news for Maryland's pension fund. At the end of June, there was $37.5 billion socked away for retirees, and about half of that was in stocks. If those stocks took the same 6.3 percent loss the Dow took from Friday to Tuesday, that equates to a loss of $1.18 billion Melissa Moye, the State Retirement and Pension System's interim CIO, said the system looks at performance longer term, over months rather than days. But, if stocks do keep losing value and, therefore, make up a smaller share of the system's portfolio, it could prompt the system to buy more in the stock market. “We will continue to look for opportunities to rebalance,” Moye said.

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