With the fiscal cliff looming, federal government action — or inaction — is the most significant credit risk to states in 2013, according to Fitch Ratings.

"While Fitch expects continued slow economic and revenue growth for 2013, the fiscal cliff is a significant near-term threat to that forecast. The risk that the fiscal cliff presents to the overall economy is the biggest concern for state credit, as state revenue systems quickly reflect changing economic conditions," said Laura Porter, managing director.

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