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Moody’s: Arizona Bond Rating May Be Hurt by Boycott
Moody’s Investors Service says that Arizona’s bond rating may decline due to the boycott against it. Business Week reports:
“Preliminary response to the immigration legislation has already had some impact on the state’s tourism/travel sector,” Maria Coritsidis, a Moody’s analyst, wrote in the report. “A serious weakening of this important sector, however, could have a negative impact on the state’s credit, as it could lead to further weakening of state finances that have already been negatively affected by the recession.”
Arizona’s credit rating is Aa2, Moody’s third-highest rating.
Various Arizona governments receive approximately $1 billion per year in taxes from tourism. That amount is expected to decline dramatically as the travel boycott spreads.
Makes you think that the folks in Arizona who said they were not going to be hurt by the boycott were just whistling past the graveyard.
Tags : arizona, arizona boycott, sb 1070
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