Gino DiCaro

California’s Credit Standing Lowered Again

By Gino DiCaro, VP, Communications

Capitol Update, July 25, 2003 Share this on FacebookTweet thisEmail this to a friend

Late this week, California’s credit rating (already the lowest of any state in the nation) suffered another blow as the state’s credit standing was lowered three grades. According to State Controller Steve Westley, the recent hit to the state’s credit rating is “unprecedented bad news that will send shock waves throughout the nation. It is a very sad day for California. This damages California’s financial reputation and can take years to dig out from.” Standard & Poor’s dropped its measure of California securities from an A rating to BBB, the final point at which offerings are viewed “investment grade.”
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