State’s Debt Rating is Downgraded

The state’s revenue secretary said this week that West Virginia’s general obligation debt rating has been downgraded one notch. During a news conference with Gov. Jim Justice, Revenue Secretary Dave Hardy said Tuesday the downgrading of the state’s debt rating by Moody’s Investors Service is on $392 million of pending debt. WCHS TV reports the rating moves from AA1 to AA2. Justice has proposed $450 million in tax increases, but lawmakers have been resistant.