State officials have been burning up the phone lines between Baton Rouge and New York City this week, trying to stave off the threatened downgrade of Louisiana’s credit rating. State Treasurer John Kennedy says it’s been intense.
“We’re in trouble. I don’t want to overstate that, but I don’t want to sugarcoat it, either,” Kennedy says. “We’re in trouble with two of the three rating agencies. Moody’s and Standard & Poor’s have told us unless we get our fiscal affairs in order, they’re going to downgrade us.”