One of the nation's top credit rating agencies says there's a 50-50 chance that Kansas' credit rating could take another hit in the next three months.

On Monday, Standard & Poor's placed the state on its Negative Watch list, saying the move "follows additional midyear revenue shortfalls."

"Governor Sam Brownback's proposal for various options to close the budget gap... include measures we believe could widen the state's structural budget deficit," added Standard & Poor's credit analyst David Hitchcock.

"Quite frankly, it’s scary," said House Minority Leader Tom Burroughs (D-Kansas City). "Kansas has already experienced two successive credit downgrades as a result of Gov. Brownback’s mismanagement of the Kansas economy and budget. Given his refusal to change course, it wouldn’t surprise me if we received a third."

Whether or not the state's AA credit rating takes another hit will depend mainly upon if next year's budget brings it closer to a structural budget balance, including restoring the general fund reserves it describes as "essentially depleted."