A second major credit agency has dropped its rating on California´s creditworthiness. The move comes in reaction to Governor Gray Davis´ projection that the state faces a nearly $35 billion budget deficit. Fitch Ratings lowered California´s rating for bonds and for money the state borrows to keep cash in its coffers and pay its bills. Standard & Poor´s dropped its ratings on California bonds Thursday.
This post was last modified on 01/31/2009 5:37 pm