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S&P drops Kansas credit rating, citing lack of cash reserves
The Wichita Eagle: A major rating agency on Tuesday downgraded Kansas’ credit rating for the second time in two years because of the state’s budget problems.
S&P Global Ratings dropped its rating for Kansas to AA-, from AA, three months after putting the state on a negative credit watch. S&P also dropped the state’s credit rating in August 2014.
Forty-one states now have a higher rating from S&P. Only three – Illinois, New Jersey and Kentucky – have worse ratings. The ratings agency cited the state’s lack of cash reserves, even after multiple rounds of budget adjustments over the past year.
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