A state’s bond could be downgraded by a bond-rating agency when paying its bondholders regularly and with a surplus in the treasury because the agency is considering the future. The present value of any resources incorporates prospects as well as their current worth. Financial specialists are in the best position to know whether a state’s bonds will appreciate in value or otherwise. During a crisis, a state must take on more financial responsibility meaning it will need to raise taxes down the line or incur heavy debt, as occurred during California’s electricity crisis.