Arizona among worst state credit ratings

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PHOENIX, Ariz. -- Arizona Republican lawmakers are getting the credit for the state's bad credit.

A pair of rating agencies, Standard & Poor and Moody's, rank Arizona as the nation's third worst credit risk.

Along with Michigan, New Jersey and Kentucky.

Only California and Illinois fair worse.

Both S&P and Moody's still consider Arizona "very low-risk" but express similar concerns about the state's fiscal policies, specifically a reluctance to raise taxes.