Louisiana credit rating holds steady with second rating firm
BATON ROUGE, La. (AP) — A second national rating agency has decided against downgrading Louisiana's credit rating.
Standard & Poor's Rating Services announced Friday that it is keeping Louisiana at the same credit rating for an upcoming $74 million bond sale to investors, to pay for work on Interstate 49 South projects.
But the rating agency left Louisiana on a negative credit outlook.
Standard & Poor's said Louisiana has made improvements to address its ongoing budget problems, but needs to do more work before it will return to a stable outlook.
The move mirrors action a day earlier from rating agency Moody's Investors Service.
Ratings from the credit agencies help determine interest rates when the state borrows money through bond sales. A drop in credit rating raises interest costs, making it more expensive to borrow.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Posted on Tue, August 11, 2015
by Associated Press