California's credit rating upgraded, first time in four years

[Kadie]

California's credit rating upgraded, first time in four years

TOM CHORNEAU, Associated Press Writer
Friday, May 21, 2004


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(05-21) 14:07 PDT SACRAMENTO, Calif. (AP) --

The state's credit rating was upgraded Friday for the first time in four years because of an improving economy and what appears to be a stabilizing political climate under Gov. Arnold Schwarzenegger.

Even with the action by Moody's Investors Service, California credit remains among the lowest in the nation. But analysts say if current trends continue, the economic outlook for the battered state is expected to brighten after years of giant deficits.

The state's credit rating is closely watched by Wall Street because California -- with the sixth-largest economy in the world -- is an important figure in the municipal bond market.

In making the announcement, the Wall Street firm noted voter approval in March of $15 billion in borrowing that will be used to help pay off the state's deficit and close spending gaps in the future. Schwarzenegger was instrumental in getting the bond measure passed.


more... http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/05/21/financial1530EDT0091.DTL

[jcldragon]

1. Tax-free/No Risk Investment

Now if I only had some extra money...

[Freddie Stubbs]

2. Arnold actually doing something right?

:shrug: