State treasurer warns state takeover of UTA could damage Utah’s credit rating
“Utah State Treasurer David Damschen warned legislators Wednesday that a full state takeover of the Utah Transit Authority could damage the state’s now-perfect credit rating, and hurt its ability to borrow for other needs.
“If we bring $2 billion of UTA debt onto the state’s balance sheet,” he said, “that throws our debt affordability ratios completely out of whack.” Also, “It would severely constrain our ability to issue debt going forward for highways, prisons, water infrastructure” and other state needs, he told an interim budget committee dealing with capital projects.”
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Sure is empty down here...