BATON ROUGE, La. (AP) - Louisiana has been spared a credit rating downgrade - for now.
Two national rating agencies - Moody's Investors Service and Standard & Poor's Rating Services - announced Friday they were keeping Louisiana at its current credit rating. But both moved the state from a "stable" to "negative" credit outlook.
The decision comes a day after Gov. Bobby Jindal made a personal pitch to Moody's about the health of Louisiana's economy and finances.
Other state officials spoke with both rating agencies this week to stave off a downgrade, saying the state was working to correct ongoing budget problems.
Ratings from the two credit agencies help determine interest rates. The change in outlook will raise state costs for borrowing money, but not nearly as much as a downgrade would have.