Credit Rating Drops

By Bruce Layman | 

Ohio's state credit rating is taking a serious hit following Gob. Taft’s signing of a bill to balance the buckeye state budget.

The measures include increasing the state cigarette tax by $0.31 per pack.

Standard and Poor's has revised the outlook for the state's credit rating from stable to negative.

The budget bill attempts to close a nearly $2 billion gap in state revenue.