The good news: Washington isn’t facing imminent insolvency or the loss of its sterling credit rating. Less good? Recent negative assessments by two top credit rating agencies highlight major fiscal hurdles for the state over the next few years. On April 23, Moody’s revised the state’s financial outlook from “stable” to “negative” , and Fitch Ratings followed a day later . Both agencies criticized the state for spending down financial reserves, which are currently under 6% of general fund revenues, the lowest in the nation. Moody’s called out state lawmakers for relying on “one-time budget-balancing solutions,” such as tapping rainy day funds to address budget gaps. The revisions don’t change Washington’s sterling credit rating, which means the state can borrow at relatively low interest rates. But the negative moves put Washington on notice that it risks an actual credit rating downgrade over the next 12 to 18 months.…