May 23, 2004 :A leading Wall Street ratings agency on Friday raised California’s credit rating, citing an improving economy, the first such upgrade in four years and a move that promised to bring down the state’s borrowing costs on $44 billion in debt.
Analysts saw the unexpected credit upgrade by Moody’s Investors Service as an endorsement of the steps Gov. Arnold Schwarzenegger has taken to bring California back from the brink of a fiscal crisis that drove its credit ratings near junk levels and had threatened to effectively shut the state out of the bond market for new borrowing.
Citing an “established trend of recovery,” Moody’s raised California’s rating to A3 from Baa1, reversing a downgrade it made in December out of concern over continued political deadlock and a move by Schwarzenegger to cut car license fees.
You are now free to continue your bitching and mewling.
Friend FReeper, when expenditures outweigh income, that's called "consumption" not "production." There is no achievement when you consume more than you produce.
Bloomberg - July 31, 2004 ``The budget does little to address the state's structural budget issues; rather, it is largely a budget of political expedience,'' said Brian Tournier, an A.G. Edwards Inc. analyst, in a research report. Three years of record deficits and late budgets have left California with the highest borrowing costs and lowest credit rating of all U.S. states. (snip) California's credit rating from Moody's Investors Service, raised in May to A3 from Baa1, is still the lowest of any U.S. state. Standard & Poor's and Fitch Ratings both have a rating on California of BBB, two grades above junk status. The budget is the first for the 57-year-old Republican governor who said he'd repair the state's credit and tame its deficits. The spending plan defers billions of dollars in costs and borrows to fill the gap. Schwarzenegger had vowed he'd coax the Democratic-controlled legislature to pass a budget by the start of the fiscal year on July 1, a deadline he missed.
Dang right we'll keep bitching... until the situation is improved.
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