© 2023 Louisville Public Media

Public Files:
89.3 WFPL · 90.5 WUOL-FM · 91.9 WFPK

For assistance accessing our public files, please contact info@lpm.org or call 502-814-6500
89.3 WFPL News | 90.5 WUOL Classical 91.9 WFPK Music | KyCIR Investigations
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations
Stream: News Music Classical

Kentucky's Credit Rating Falls Amid Fiscal Mismanagement, Poverty

Frankfort - Capitol - Capital
Getty Images/iStockphoto
Kentucky State Capitol

As Kentucky prepares to borrow $281 million on the bond market, one of the country's three major ratings agencies has dropped the state's credit rating to A from A+.

The Lexington Herald-Leader reports Standard & Poor's cited state government's poor fiscal management and citizens' relative poverty in its Friday decision, which will likely translate to a higher interest rate for taxpayers.

Another ratings agency, Moody's, downgraded Kentucky by one level to an Aa3 rating last year, warning bond investors at the time that the state isn't collecting enough revenue to resolve its burgeoning public pension debt.

S&P noted in a release that it doesn't plan to raise Kentucky's ratings within the next two years.

Gov. Matt Bevin's spokesman Woody Maglinger says the state has work to do.

Can we count on your support?

Louisville Public Media depends on donations from members – readers like you – for the majority of our funding. You can help make the next story possible with a donation of $10 or $20. We'll put your gift to work providing news and music for our diverse community.