BATON ROUGE, LA. – Standard & Poor’s Rating Services affirmed Louisiana’s credit rating today and kept the state on negative outlook, according to State Treasurer John Kennedy.

“I’m pleased that S&P is giving us a chance to fix our budget problems,” said Treasurer Kennedy. “The way forward is clear. We need to address the structural imbalance in our state budget. We cannot spend more than we take in year after year.”

The affirmation of Louisiana’s AA rating and negative outlook applies to the state’s outstanding general obligation debt. Louisiana uses general obligation bonds to fund the state construction budget.

Louisiana also is scheduled to go to market this month on up to $600 million in general obligation refunding bonds. S&P assigned an AA rating and negative outlook to those bonds.

Contact:
Michelle Millhollon
(225) 342-0012
mmillhollon@treasury.state.la.us