Kentucky’s credit score drops

The state of Kentucky’s credit rating got cut again, meaning more money could come out of your pocket in the near future. According to the Lexington Herald-Leader, Standard and Poor’s has dropped the state’s credit rating as the state prepares to borrow $281 million on the bond market. S and P is one of the nation’s three major ratings agencies and they cut the rating from an A+ to just an A. This rating is likely to mean a higher interest rate for Kentucky taxpayers. S and P said that the state continually fails to understand how much it needs to pay for services and it does not set aside enough money for adequate reserves.