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A Weak Economy Will Tax U.S. States' 2009 Budgets Mar 08
Standard & Poors, March 2008
Abstract
It's budget season in state legislatures across the U.S., but many fiscal 2009 budget proposals were already out of balance shortly after they were delivered for consideration. That is because a prolonged slump in housing continues to take a toll on most states. Unfortunately, the prospects for a quick housing recovery remain poor, and the credit crunch and financial market turmoil are wreaking havoc on states' revenues. Many will likely revise assumptions about revenues as a clearer picture of the economy emerges. And state budgets will no doubt move to shakier ground as the downturn continues and evidence of recession accumulates. But the picture isn't entirely bleak. Standard & Poor's Ratings Services believes that most states will be well-positioned to...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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