Photo: Kreativorks / iStock / Getty Images
An improved Standard & Poor rating will reduce Louisiana's cost of borrowing money.
State Treasurer John Fleming reported to the state Bond Commission on Thursday that S&P had improved the state's bond rating from double-A-minus to double-A.
An S&P Global analyst notified investors about the move on Wednesday.
Under Gov. John Bel Edwards, Louisiana had budget surpluses for seven years in a row.
Fleming said Gov. Jeff Landry's plan to cut state spending prompted S&P's decision to upgrade Louisiana's rating.
Copyright © 2024 TTWN Media Networks Inc.