Moody’s Investor Service has raised Louisiana’s credit outlook from negative to stable, in a sign that Wall Street is gaining more confidence in the state's economy. Commissioner of Administration Jay Dardenne says this was one of the many reasons the Edwards administration pushed for a stable final budget deal.

"It's what we anticipated would happen as a result of finally stabilizing our situation with the revenue measures that, at long last, have passed," said Dardenne

After a sustained period on the negative watch list, Dardenne says the Moody’s decision is a validation of the governor’s financial policy.

Many legislators were hesitant to approve a tax bill without a short sunset period, to allow the next governor to have a bigger say over state finances, but Dardenne says the final 4.45 percent sales tax plan that lasts until 2025 was the long-term stability the state needed.

"This is good news, but we have much more work to do to implement structural reforms to our budget," said State Treasurer John Schroder. "The fiscal cliff was mainly solved on the revenue side, now it's time to work on the spending side of the problem. Extending temporary taxes for the next seven years with no real structural reforms doesn't sit well with me."