November 25, 2003

No Surprise Here

Funny how when you have no revenue, that people tend to be less eager to lend you money: Alabama's outlook negative

Standard & Poor's Rating Services left Alabama's AA bond rating unchanged, but in a report this week lowered its outlook for much of the state's bond debt from stable to negative.

That outlook confirmed Gov. Bob Riley's warning of a financial crisis on next year's horizon and puts the state on notice that its bond rating could be lowered within one to three years, state Finance Director Drayton Nabers Jr. said Friday.

The state now has $535 million in general obligation debt and voters on Sept. 9 defeated Riley's tax package aimed at a budget deficit.

Posted by Steven at November 25, 2003 09:36 AM | TrackBack
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