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Why California's Bond Rating is Going Up

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California's $68 billion worth of bonds was raised by Fitch from BBB to A- on Monday. What gives? The LA Times' Money & Co. blog discovers the state's condition didn't dramatically improve overnight. "It may look like an upgrade of cash-strapped California by Fitch, but officially it wasn’t. Rather, the firm is in the process of recalibrating its ratings on many state and local municipal bonds to reflect “a greater degree of comparability” with other credit ratings, such as those on corporate bonds. Most of the affected muni debt was bumped up at least one notch. The lowest-rated investment-grade issuers (such as California) got a two-notch bump higher."
SOURCE:   L.A. Times

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