|
|
Article: State's bond rating lowered
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- May 25, 2002
- Author:
CopyrightCopyright 2002 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
|
State's bond rating lowered
S&P third agency to downgrade
By AVRUM LANK of the Journal Sentinel staff
Saturday, May 25, 2002
Standard & Poor's Friday became the third bond agency since August
to lower Wisconsin's rating.
The action came as state legislators haggle over how to close a
more than $1 billion gap in the current budget, the result of falling
tax receipts in a soft economy. In addition, the state has one of the
lowest financial reserve funds in the nation.
"The state's planned drawdown of budgetary reserves, limited
revenue-generating flexibility and slim budgetary reserves, and a
negative $1.2 billion (general) fund balance are all contributing
factors to the rating downgrade," ...