Monday, August 29, 2011

GOP sinks Arizona credit rating to third worst in the nation

STATE CAPITOL, PHOENIX – Under the GOP rule, Arizona now is tied as the state for the third worst credit rating in the nation.

State economists say California and Illinois only have worse credit ratings than Arizona, which is tied with Michigan, New Jersey and Kentucky for third worst in the nation.

“With Republicans in complete control of state government, this isn’t a surprise, but it still is disheartening and disappointing for our economy and for Arizona families,” said Assistant House Minority Leader Steve Farley.

The Joint Legislative Budget Committee’s monthly report (see PDF) summarized the state’s credit rating in the wake of the recent federal downgrade. Arizona experienced its own downgrade a year ago. Arizona’s credit rating is AA- from Standard & Poor and Aa3 from Moody’s. While this rating is investment grade, only two other states have a lower Moody’s rating than Arizona.

“Under GOP rule, our state has lost under their extreme fiscal mismanagement,” Farley said. “Arizona clearly isn’t better off today under Gov. Jan Brewer and the Tea Party. Arizona families are flooding our emergency rooms with no health care, kids are packed into crowded classrooms and jobs are no where to be found. Republicans need to be held accountable for driving our state into the ground.”

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