Standard and Poor's

Capitol Alert
The latest on California politics and government
January 31, 2013

Standard & Poor’s upgraded California’s general obligation bond rating from A-minus to A today, a significant move that lifts the state out of the ratings agency’s basement.

In the midst of recessionary state budget woes, S&P lowered California from A-plus to A in February 2009 and down to A-minus in January 2010. The agency last week dropped Illinois to A-minus in the face of pension funding problems, a downgrade that now gives the Midwest state the dubious worst-in-the-nation status.

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