Rising energy prices may help states producing oil, gas or coal, while hurting a wide range of other municipal bond issuers facing higher expenses and weakening collections of gas and sales taxes and fees, according to a Standard & Poor's report.

"It's still too early to say whether the soaring cost of energy will directly lead" to ratings changes, S&P said.

Puerto Rico and Hawai'i will be hit ``particularly hard because they're wholly dependent on imported oil" and "rising airfares may suppress their important tourism activity," the report said.

Wyoming, Alaska, Montana, Colorado, Texas, Louisiana and Utah will benefit from high prices for the oil, gas and coal they produce.