Once a year or so, the leading credit agencies review the State's fiscal policies and issue a bond rating. The bond rating is extremely important since it determines the interest rate and, consequently, the payment. If the bond rating drops, the cost of the bonds go up and the State will be in another pickle with regards to its budget.
The State Treasurer, Ed Alter, is a seasoned pro who has been at this game for a long time. So is the Governor's Budget Director, Lynne Ward. One seems worried and the other isn't. Or maybe Ward is worried and the Governor just can't make it, so she has to appear confident. Of course, this is probably the most important thing on the Treasurer's plate. Its important to the Governor, but not the only thing he has to worry about. Even so, the Lt. Governor is filling in and she handles herself well in legislative and budget matters.