Municipal Bonds

Moody's cuts Alaska's outlook to negative on oil

Alaska downgraded to negative by Moody's

Moody's Investors Service on Tuesday cut Alaska's outlook to negative from stable, citing the recent oil price weakness.

A plunge in oil prices since the start of the state's fiscal year "now threatens to rapidly and significantly reduce the state's budgetary reserves," Moody's said, in a statement. The outlook applies to $2 billion in debt.

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Moody's affirmed the Aaa rating assigned to the state's general obligation bonds, the Aa1 rating for its subject-to-appropration debt and the Aa2 ratign assigned to Alaska's moral obligation bonds.

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