Credit

Matt Rourke / AP

A rating agency has deemed Pennsylvania’s credit stable.

That’s an improvement from several months ago, when the commonwealth received a downgrade from a different agency in the midst of an extended budget impasse.

But it doesn’t mean the fiscal woes are over.

Even though Fitch Ratings’ has taken Pennsylvania off its Rating Watch Negative list, it still has a negative outlook. 

Fitch analyst Eric Kim said while the commonwealth has a healthy amount of fiscal flexibility, is has almost no reserves, and recent budgets have included little recurring revenue.

Mike Stewart / AP

Several state lawmakers are introducing legislation to help people deal with situations in which their personal information is compromised.

The move comes after a massive security breach at credit reporting agency Equifax affected millions of Pennsylvanians.

The breach is the largest in the country’s history.

In the Pennsylvania alone, more than 5 million people had information compromised—about three quarters of the commonwealth’s adult population.

Gov. Tom Wolf / Flickr

The state House is still working on a plan to fill a $2.2 billion dollar gap in a budget that is almost three months late.

But negotiations took an unexpected turn Tuesday when the chamber adjourned suddenly without holding an expected vote on a plan from a conservative faction of members.

On Monday, House GOP spokesman Steve Miskin had appeared fairly sure a vote would happen the next day.

But something happened in the hours since then that stalled the process.

Mike Stewart / AP

Pennsylvania's top law-enforcement officer says his office is investigating the massive data breach targeting the credit monitoring company Equifax.

Attorney General Josh Shapiro said Friday that it is unclear how many Pennsylvanians were affected.

Chris Knight / AP

Pennsylvania's general fund is on track to be $1.6 billion dollars underwater by the middle of next month.

In the past, the state Treasury has extended lines of credit to help the state keep paying immediate expenses when funds bottom out.

But Treasurer Joe Torsella says that may no longer be fiscally prudent.

The cash balance would have already hit zero this month, if not for a short term, $750 million credit line from the Treasury. The state has to pay that back with interest next week. But the fund is expected to run dry yet again before the end of August.

Kevin McCorry / WHYY

State Treasurer Joe Torsella has extended a temporary, $750 million line of credit to keep Pennsylvania’s general fund balance from running dry this month.

He’s calling the situation “extraordinary and without precedent.”

That doesn’t quite square with the way Governor Tom Wolf has appeared to downplay the impact of the state budget still being unbalanced, over a month into the fiscal year.

S&P Report Shows Good And Bad News For PA Finances

Jul 22, 2016
Gov. Tom Wolf / Flickr

After Pennsylvania went two days without a revenue plan last week, Standard and Poor’s Global Ratings put its credit on its “CreditWatch" list.

Inclusion on the list signifies a state in danger of an imminent credit downgrade.

The commonwealth made it off the list this week, after the budget was balanced.

Gov. Tom Wolf / Flickr

When the state’s finances are the subject of partisan debate, it helps to turn to the analyses of the ratings agencies that judge creditworthiness – and two of the three major credit ratings agencies are warning that Pennsylvania’s fiscal problems aren’t over, even if its budget impasse is.