S & P Downgrade Roundup

Standard and Poor’s has dropped Alaska’s credit rating from AAA to AA+.

Here is our roundup of the statements about the downgrade from elected officials, business groups, and other pertinent entities.

We will update this page as responses come in:

Standard and Poor’s Statement:

Governor Bill Walker’s Statement:

“The action taken by Standard & Poor’s to lower Alaska’s credit rating is concerning and premature given that the legislature has not had time to act on a long-term fiscal plan.  However, this further solidifies the need to address our state’s fiscal challenges in the immediate future. As noted in S&P’s release today, Alaska has significant financial assets that, if properly utilized, can help build fiscal stability for our state. I agree with S&P that the stakes are high for Alaska to enact a sustainable fiscal package, but it’s important to do what is right for our state’s future versus what may be politically appealing. As we approach the 2016 legislative session, I encourage every legislator and Alaskan to read the memos released by Standard & Poor’s and Moody’s in their entirety. I look forward to working with lawmakers to enact a complete fiscal package that protects the opportunities available to future generations of Alaskans.” —Governor Bill Walker”

Senator Anna MacKinnon Statement:

“I was disappointed with the decision made by S&P to downgrade the state’s credit rating. This comes only a few months after the state’s rating was revised from stable to negative. Their rationale then was that the legislature needed to take measures to stabilize our fiscal house — yet the legislature has not had a session since that revision to take action. When we gavel into session on January 19th, the Senate Finance Committee will tackle these difficult issues and work toward balancing the budget.”

Representative Lora Reinbold

“Alaska’s spending problems are creating havoc on the state …we must reduce spending significantly…I do not support an income tax..the people should not be disciplined just because the government refuses to be fiscally disciplined!!!! My “gift” for the upcoming session (from House leadership for voting no on the operating budget) was a smaller office in Juneau…I will stand strong for reduced spending regardless of the consequences!”

Representative Lance Pruitt

“Waiting until our Credit is Downgraded is not the time to starting taking action. We needed to take action before things get bad. As a Legislator, I know some of my colleagues and I are ready to step in and Lead since that is lacking from our Executive.”

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