Earlier this year Moody's Investors Service downgraded Louisiana's credit rating and now Fitch Ratings has followed suit. The action by Fitch comes just ahead of Louisiana going to market up to $600 million in general obligation bonds.

According to Louisiana State Treasurer John Kennedy,

This is what happens when you spend more than you take in for seven years running. It's disappointing but not surprising...The ratings agencies are tired of Louisiana's accounting gimmicks and spending practices.