Kansas budget pressures trigger S&P rating downgrade

The rating agency, which put Kansas on review for a possible downgrade in April, also dropped the rating on appropriation-backed state debt to A-plus from AA-minus. "The downgrade reflects what we believe to be structural budget pressures, as reflected by draw downs in reserve levels to what we consider very low levels during a period of national economic expansion, despite four rounds of midyear adjustments in fiscal 2016," S&P credit analyst David Hitchcock said in a statement. Kansas budg