In its report, Standard & Poor's said Alaska has the financial resources to solve its budget crisis. The question is whether it has the political will. If Alaska adopts something like Gov. Bill Walker's budget plan, which would turn the state's savings into an endowment, cut the permanent fund dividend and raise a slew of taxes -- including the state's first income tax in 35 years -- then its budget outlook and credit rating could stabilize, Standard & Poor's said. But, Petek said, "It's a lot for them to do in this one legislative session." And if the state continues business as usual, it will rapidly burn through its savings. Moody's Investors Service, another major rating agency, has continued Alaska's AAA rating. But for the last year, it's attached a negative outlook, meaning there's a chance it could downgrade the state as well. Moody's analyst John Lombardi said his agency is also watching to see what lawmakers do in Juneau this spring.