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Governor Walker’s Statement on Moody’s Downgrade of Alaska’s Rating (And Moody's Downgrade Opinion)

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“Today’s news from Moody’s Investors Services is concerning but, unfortunately, not surprising. Moody’s says, ‘The downgrade recognizes the state’s political inability – at least for now – to address its severe fiscal challenge.’

The agency’s analysts cite our strengths—our available cash reserves and our willingness to cut spending. But they also cite our challenges: that we are depleting our savings and relying solely on the volatility of oil prices to fund government services.

As residents rely on their credit scores to secure low-interest loans to buy houses and cars, the state’s rating determines how much it will cost to build projects that create jobs. The higher the rating, the lower the interest rate and the more Alaskans those projects can employ.
It is imperative that we implement a sustainable fiscal plan so we are not drawing down on savings. The sooner we fix Alaska, the sooner we can build Alaska.” –Governor Walker

Read More: Alaska Economic Trends July 2016

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