Monday, June 26, 2006

 

I didn't think I'd see this for quite a while

BayouBuzz - Louisiana┬┤s Moody Ratings Improve

This is great news. One of the largest bond rating agencies has rated Louisiana bonds as "stable". This is great news for a patient that was on life support for some time. This should stabilize our debt on the secondary market, and hopefully reduce the costs of future borrowing.

What I found most interesting was that Moody's referenced Louisiana's below-average debt burden as a reason for the stabilization, and that Louisiana was seeing the benefits of several years where it "passed meaningful budgetary and debt reform measures". This is quite high praise for a state that isn't often seen as being fiscally responsible, but I'm sure this is in large part a reflection of the progress we have made with the Stelly Plan, reducing our reliance on sales taxes and shifting that to a much more stable and equitable system of income taxes.

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