BOSTON (SHNS) – With uncertainty abounding and plenty of talk of a possible economic downturn, state budget managers are going to have their hands full this year.

But Treasurer Deborah Goldberg said Tuesday that credit rating agencies will also be watching closely as they weigh whether the state deserves to have its rating upgraded. “I believe that this year will be a real indicator. If we can continue to apply the kind of fiscal discipline that we’ve shown in at least the last eight years that I’ve been here, we have a very good argument as we move forward with them,” Goldberg said Tuesday, fielding a question about a potential bond rating upgrade. “But we’ve got to keep it up.”

S&P Global Ratings lowered its rating for Massachusetts bonds from AA+ to AA in June 2017, largely due to the state diverting money from its stabilization fund while the economy was growing. This past fall, the agency revised its outlook on Massachusetts’ general obligation bonds from stable to positive and hinted that the continued swelling of the state’s stabilization fund could convince its analysts to look even more favorably upon the Bay State.

Massachusetts injected $2.311 billion into its stabilization fund during the fiscal year 2022, bringing the rainy day fund’s balance to a historic high of about $6.938 billion, according to the state comptroller. And the fiscal year 2023 budget that Gov. Charlie Baker signed in August would put the savings account on track to reach yet another record high of roughly $8.4 billion by next summer, his administration said.

State budget managers have been asking Goldberg for years whether she thinks a rating upgrade could be in the offing. Asked about that possibility again during Tuesday’s consensus revenue hearing, Goldberg said that when she, Baker, and others met with the big three rating agencies in New York City in December, she “further emphasize[d] our progress” and was told that Massachusetts should “keep up the good work.”

She also heard about their concerns. “They had literally stated they’re concerned about this coming year. They believe there will be a softening in the economy. They want to see furtherance of our fiscal policies staying in place,” Goldberg said. “Their issue always, and we fight with them constantly — I would say we dispute their position — is that they believe that we are a high-debt state and we consistently point out to them that we don’t throw debt onto the counties, we don’t throw debt onto individual municipalities.”