Link to Fitch Ratings' Report: November State Ballot ResultsNov 19 - Fitch Ratings does not expect any direct ratings impact from the
results of this month's state ballot measures. Proposals included numerous
bonding authorizations, gaming expansions and a variety of tax increases and tax
limitations. Results varied considerably from state to state, according to a
new Fitch report.
'Since similar proposals had different fates across states, you can't make any
broad statement on national voter sentiment on these issues right now,' said
Laura Porter, Managing Director for state ratings at Fitch.
In a key vote, significant temporary tax increases were approved in California.
Revenues from these taxes were assumed in the enacted state budget, and their
approval is positive for the state and local schools. Tax proposals were less
successful elsewhere in the country, while tax limits were supported in some
states and rejected in others.
Also of significance, in Michigan voters failed to support enhanced emergency
manager powers for distressed local governments that were included in
legislation passed last year. State bonding proposals generally were approved;
in Arkansas, voters supported a temporary half-percent sales tax increase to
fund bonds for transportation. State voters approved gaming expansions in both
Maryland and Rhode Island.
For more information, a special report titled ' November State Ballot Results'
is available on Fitch's web site at www.fitchratings.com.