Since the state's credit rating has been lowered so many times, the state's debt is now considered high risk. Some investors are leery about buying bonds from a state having trouble paying its bills.
This feeling is rolling over to cities, universities and other bodies trying to sell bonds. Credit rating agencies have warned the state needs to solve its pension crisis and start paying off unpaid bills to get its rating increased again.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.