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Maryland will maintain two top credit ratings for its general obligation bonds and debt.

S&P Global Ratings on Tuesday assigned its AAA long-term rating to Maryland's general obligation bonds and affirmed its AAA long-term rating on the state's general obligation outstanding debt.

"The stable outlook reflects our expectation that the state will make timely adjustments to achieve a structural balance and adequate cash reserves by proactively managing economic and budgetary risks that arise," S&P said in a statement.

This comes after Fitch Ratings assigned its AAA rating to specific general obligation bonds and securities, calling the state's rating outlook "stable."

The state's Democratic leadership — from the governor to the treasurer and comptroller, as well as the presiding officers of the General Assembly — issued a statement Wednesday as follows.

Earlier this month, Maryland lost its long coveted AAA bond rating from Moody's . Maryland had received an AAA rating every year since 1973, according to Moody's. A year ago, the state maintained its top credit rating from Moody's. In 2014, then-Gov. Martin O'Malley boasted how Maryland was among only seven states to maintain the top rating throughout the recession.