For the second time in two months a major credit rating agency downgraded Kansas' finances. Standard and Poor's downgraded Kansas from and AA+ to an AA. This comes  after Moody's downgraded the state in May.

Analysts for Standard and Poor's say the downgrade was because of "a structurally unbalanced budget, following state income tax cuts that have not been matched with ongoing offsetting expenditure cuts in the fiscal 2015 budget."

Kenneth Kriz is a professor of public finance at Wichita state and says the downgrade could get worse.

"Not only was the state downgraded, but it was put on what is called a 'negative outlook,'" Kriz said.

That means Standard and Poor's will be watching the state closely to see if more downgrades should be on the way. Kriz says this news impacts more than the state budget.

"The real issue here is business. One of the things businesses look at when deciding on an area is the credit rating," Kriz said.