TITLE

Fitch, S&P Boost Louisiana GOs

AUTHOR(S)
DeSue, Tedra
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/30/2003, Vol. 344 Issue 31625, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Fitch Ratings Inc. and Standard & Poor's Corp. upgraded Louisiana's general obligation bond rating to A-plus from A as the state prepares for the sale of 290 million dollars of general obligations (GO)s later in May, 2003. Standard & Poor's said it was the first time the agency has raised a rating on a state since it upgraded Hawaii in 2001. It has downgraded five states since July 2001. Fitch raised Nevada in 2001 and has declined at least six states since then. Both agencies noted improved budgeting performance, the establishment of a fund, and a reduced debt burden. They cited as positive Louisiana's move to reduce its reliance on sales taxes as its primary revenue source.
ACCESSION #
9810709

 

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