Also ranked at Aa3 are Connecticut, California and Arizona. One notch below is New Jersey and three notches below is Illinois.
Pennsylvania’s tax structure and finances are key topics in this year’s gubernatorial campaign between Corbett, a Republican, and Democrat Tom Wolf. Both sides seized on the downgrade Monday.
Corbett’s campaign cited the downgrade in trying to make the case that Wolf is wrong when he does not agree that the state’s $50 billion pension debt is in “crisis” stage. Corbett’s official office used it as part of his campaign to pressure the Republican-controlled Legislature to reduce retirement benefits for future state government and public school employees.
“I urge the citizens of Pennsylvania to join in this fight and demand that the Legislature address the most important fiscal challenge facing the commonwealth: pension reform,” Corbett said in a statement. “Pennsylvania families and taxpayers deserve nothing less.”
Democrats tried to pin blame for the downgrade on Corbett.
Wolf’s campaign said the downgrade is a result of Corbett’s “gimmick-filled budget, weak economy and failed leadership,” while House Minority Leader Frank Dermody, D-Allegheny, said Corbett has put Pennsylvania “in a more precarious financial position.”
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