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June 15, 2016 - Cost of borrowing money to go up as Alaska's credit rating goes down

by Rachel Waldholz, APRN

The nation's third major credit ratings agency has weighed in on Alaska's fiscal health. New York-based Fitch Ratings announced yesterday [June 14] that it's lowering the state's long-term credit rating from triple-A [AAA] -- its highest rating -- to double-A-plus [AA+], citing the state's failure to come up with solutions to its massive budget deficit. Earlier in the year, the other two major credit raging agencies -- Standard and Poor's and Moody's Investors Service -- also downgraded Alaska's bond rating. The credit downgrades make it more expensive for the state to borrow money.