PA's Bond Rating Downgraded

07.22.14 | FL News Team

Pennsylvania's bond rating has been downgraded by Moody's Investors Service. It might be a black eye to the state's government, but the state's taxpayers will share the pain.
Like a credit rating, the bond rating determines a lender's risk and the rates charged to borrowers. Charles Zogby, the state's budget secretary says taxpayers will likely be paying more interest not just for any future borrowing the state does, but also for bonds issued for any public borrowers across Pennsylvania.