With a big bond borrowing coming, the three big credit rating services failed to go far enough in their warnings. A Bloomberg story says:
The [recent 67 percent] tax hike helped the state dodge a ratings downgrade, with Standard & Poor's affirming an A-plus rating with a negative outlook, Moody's Investors Service keeping its A1 rating with a negative outlook and Fitch Ratings affirming an A rating and revising the outlook to stable.
All three agencies said the state remained a credit concern due to its large structural budget deficit, huge unfunded pension liability and escalating debt issuance.
Considering the performance of these raters prior to the collapse of the housing bubble and financial institutions, you might even want to take these cautions with some...caution.