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California escapes the ratings cellar

January 31, 2013 |  4:25 pm

MCT_US NEWS CALIF-BUDGET 1 SA

Times business writer Marc Lifsher reports in the Money & Co. blog that California no longer has the worst credit rating in the country.

That distinction now goes to Illinois.

California, of course, still has a long way to go.

It is now ranked 49th among the states in creditworthiness by the Wall Street bond rating agency Standard & Poor's.

On Thursday, the firm announced that it had hiked its evaluation of California's long-term debt one notch from "A minus" to "A."

Lifsher reports that the California upgrade is the first by S&P since May 2006. But the state still has a long way to go to regain the agency’s top rating of “AAA.” California has not held that distinction since 1986.

ALSO:

State's finances should improve, rating agency says

Rating agency sees fork in the road for California finances

Moody's cuts one L.A. bond rating, considers raising another

-- Evan Halper

 PHOTO: Gov. Jerry Brown speaks to lawmakers after giving his State of the State address in Sacramento on Jan. 24. Credit: Randall Benton/Sacramento Bee/MCT.

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