Second Wall Street firm lowers California's credit rating

SFGate.com ^ | 8/4/03 | DON THOMPSON

[anniegetyourgun]

A second bond rating agency lowered California's credit rating Monday, saying the $99 billion budget signed into law Saturday doesn't do enough to trim the state's long-term debt.

Though the state already has the nation's lowest credit rating, Gov. Gray Davis' finance director said he was pleased Moody's didn't chop the rating to near junk-bond status, as Standard & Poor's did on July 24.

[anniegetyourgun]

As one who was born in CA, it's heartbreaking to watch the state going down the toilet. I guess it was just a matter of time, given the propensity for Californians to vote themselves largess, and then wonder why they are in such a mess.