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For Immediate Release

September 20, 2017

Treasurer Torsella Issues Statement on S&P Credit Downgrade

S&P action marks sixth downgrade or negative credit watch since 2012

Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today issued the following statement on Standard & Poor’s (S&P) Global Rating lowering its general obligation rating on the Commonwealth to ‘A+’ from ‘AA-‘.

“Today’s unfortunate news of yet another credit downgrade by Standard & Poor’s for Pennsylvania is yet another wake-up call that policymakers should complete a responsible budget urgently. This downgrade should come as a surprise to no one. For many months —and as recently as last week— Treasury has been warning that the Commonwealth’s General Fund imbalance and the increasing borrowing needs to meet operating costs would likely lead to another credit downgrade if unaddressed.”

Pennsylvania Treasurer, Joe Torsella