{"id":4523,"date":"2012-02-10T12:03:57","date_gmt":"2012-02-10T18:03:57","guid":{"rendered":"http:\/\/stateimpact.npr.org\/oklahoma\/?p=4523"},"modified":"2012-12-20T10:07:27","modified_gmt":"2012-12-20T16:07:27","slug":"debt-rating-unchanged-income-tax-cut-plan-partially-to-blame","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/oklahoma\/2012\/02\/10\/debt-rating-unchanged-income-tax-cut-plan-partially-to-blame\/","title":{"rendered":"Debt Rating Unchanged, Income Tax Cut Plan Partially to Blame"},"content":{"rendered":"
\"\"<\/a><\/p>\n

Alex Wong \/ Getty Images<\/p>\n

Gov. Mary Fallin cautioned against reading too much into Moody's decision.<\/p>\n<\/div>

Moody\u2019s won\u2019t lower Oklahoma\u2019s cost of borrowing because of worries about the state\u2019s financial future.<\/p>

One of the New York bond rating agency\u2019s concern: efforts to eliminate Oklahoma’s personal income tax.<\/p>

Moody\u2019s also worries about energy industry volatility and Oklahoma\u2019s constitutional limit on raising taxes, which \u2014 under State Question 640 \u2014 can only be done by a vote of the people or a legislative super-majority.<\/p>

<\/p>

Oklahoma’s rating will remain<\/a> Aa2.<\/p>

The Tulsa World<\/em>\u2019s Wayne Greene<\/a>:<\/p>\n

The decision’s immediate effect is that the cost of state borrowing through bond issues won’t get any cheaper, but on a political level it suggests that an objective financial analyst is wondering about the wisdom of state’s tax-cutting efforts.<\/p><\/blockquote>

<\/em>Earlier this year, Gov. Fallin, Finance Secretary Preston Doerflinger and Bond Adivser Jim Joseph traveled to New York to ask the major bond rating agencies to improve Oklahoma\u2019s bond rating, the World<\/em> reports.<\/p>\n

Moody’s was the only agency that agreed to a full investigation of the state’s financial situation because of the request, Joseph said, the World<\/em> reports.<\/p><\/blockquote>

<\/em>Fallin told the paper that Moody\u2019s officials seemed more concerned with the Constitutional limits on raising taxes than the income tax elimination plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s won\u2019t lower Oklahoma\u2019s cost of borrowing because of worries about the state\u2019s financial future.One of the New York bond rating agency\u2019s concern: efforts to eliminate Oklahoma’s personal income tax.Moody\u2019s also worries about energy industry volatility and Oklahoma\u2019s constitutional limit on raising taxes, which \u2014 under State Question 640 \u2014 can only be done by […]<\/p>\n","protected":false},"author":36,"featured_media":4525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[492,14,16],"tags":[307,118,53,308],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/4523"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/comments?post=4523"}],"version-history":[{"count":2,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/4523\/revisions"}],"predecessor-version":[{"id":4530,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/4523\/revisions\/4530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media\/4525"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media?parent=4523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/categories?post=4523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/tags?post=4523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}