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Louisiana moves to 'stable' credit outlook by rating agency

2 years 10 months 1 week ago Monday, July 02 2018 Jul 2, 2018 July 02, 2018 2:36 PM July 02, 2018 in News
Source: Associated Press
BATON ROUGE (AP) - A national credit rating agency says Louisiana has moved to more solid financial footing after passage of a seven-year sales tax renewal aimed at ending repeated cycles of budget gaps.
  
Moody's didn't upgrade Louisiana's credit rating. But the rating agency Monday boosted its outlook for Louisiana from "negative" to "stable," an indication the state won't be downgraded as some officials previously feared.
  
Moody's cited the "recent stabilization" of the state's financial base after years of short-term budget fixes. In the last special session, Gov. John Bel Edwards and lawmakers renewed 0.45 percent of an expiring 1 percent state sales tax to avert deep cuts, until mid-2025.
  
Three national agencies all downgraded Louisiana's credit rating in 2016 and 2017, making it more expensive to borrow money for roadwork and construction projects.

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