S&P Raises California GOs to A-Plus 17 May, 2006
SAN FRANCISCO, May 17, 2006. Standard & Poor's today upgraded California's general obligation bond rating to A-plus from A. The outlook remains stable.
The upgrade follows last week's announcement by Governor Arnold Schwarzenegger in his revised budget that the state had $4.8 billion in unexpected revenue during the current fiscal year that ends June 30. The budget revision also added $2.7 billion to its previous revenue projections for fiscal 2007.
California had carried S&P's A rating since August 2004, when it was raised from BBB.
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