North Dakota

Oil price volatility continues to take a toll on bond ratings in Williston, North Dakota, where S & P Global Ratings lowered its rating on $44.5 million of public safety sales tax revenue bonds.

Williston, North Dakota’s sales tax debt took a six-notch downgrade to junk amid continued oil and price declines.

State budget conditions vary widely as of late fiscal 2016, with the overall picture getting better while states with less diversified economies face significant stress, Standard & Poor's said Wednesday.

While the key oil production states of Oklahoma, North Dakota and California have all been hit hard by the drop in crude oil prices, the impact varies at both the state and local government level, Moody’s Investors Service says.

The outlook on North Dakota's issuer credit rating was lowered to negative, as Moody's Investors Service took note of economic and budget struggles triggered by falling crude oil prices.

Severe declines in oil and gas prices that have damaged the economy Williston, N.D. led Moody’s Investors Service to downgrade the Bakken Shale city to speculative grade.

North Dakota lost its Standard & Poor's triple-A rating because of the impact of oil price volatility on the state's economy.

North Dakota will tap the state's the state's $572 million budget reserve to the tune of $497 million to help cover a $1 billion shortfall in revenue due to a drop in oil crude prices. The state also intends to implement across-the-board budget cuts.

West Fargo, N.D.'s general obligation and sales tax revenue credits were cut one level to A1 by Moody's Investors Service, which cited the city's growing debt load.

Alaska, North Dakota and Wyoming are the states most "in the crosshairs" as energy revenues look to remain low well into next year, Fitch Ratings said.