EDITORIAL: Quick action on shortfalls
Advocate (excerpt)

It’s good news that Louisiana continues to get good reviews from financial ratings agencies, in part because good bond ratings lower the cost of borrowing. The state is going to market with about $580 million in bonds for refinancing its existing debts. The Division of Administration said the good bond ratings mean that the savings might total $46 million over the life of the bonds.

The ratings reflect not only what Fitch Ratings called “sound financial management,” but Fitch also noted the state’s “prompt action to address projected shortfalls during the recent downturn.” That’s not entirely good news, of course.

Often enough, with budget shortfalls, the state has cut into higher education and other essential services over the past few years under Gov. Bobby Jindal. But at least those financial problems were addressed quickly, the key point to the ratings agencies.