Just like Obama, Kate Marshall Oversaw Credit Downgrades in Nevada

August 8, 2011

Despite Nevada Treasurer Kate Marshall’s assertions that she has “taken the state through this fiscal crisis, steered it with a steady hand,” it turns out Marshall oversaw two credit downgrades in Nevada – one more than President Obama.

According to Marshall’s campaign website, Marshall brags about maintaining Nevada’s “excellent” credit rating even though Nevada experienced a credit downgrade from Standard & Poor’s and Moody’s under her watch.

According to March 2011 reports, Nevada saw credit downgrades similar to Obama’s downgrade on Friday.

“Nevada’s credit rating was lowered one level by Standard & Poor’s because the firm said the state’s economy is ‘especially vulnerable’ to a slowdown in consumer spending as the U.S. recovers from the recession. “ (Matt Robinson, “Nevada Debt Rating Lowered One Level to AA by Standard & Poor’s,” Bloomberg, 3/10/2011)

“Nevada received its second downgrade of the month Thursday when Moody’s Investors Service dropped its general obligation bonds to Aa2 from Aa1.” (Rich Saskal, “Moody’s Lowers Nevada GOs in State’s Second Drop This Month,” Market News, 3/25/2011)

NRCC Comment:

“Both President Obama and Kate Marshall have overseen devastating credit downgrades during their tenures. Kate Marshall continues to brag about her failed record as the state’s top financial officer while Nevada families and small businesses struggle with the nation’s highest unemployment and home foreclosure rates.” – Tyler Q. Houlton, NRCC Spokesman