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Moody's boosts California's credit rating, cites financial progress
Moody's boosts California's credit rating, cites financial progress

California's finances received a bump from Moody's on Wednesday, returning the state's credit rating to its highest level since 2001. The Wall Street rating agency praised California’s more stable budget process and a new effort to stockpile revenue for a rainy day. "The state's financial position is rapidly improving," Moody's said in its announcement. Despite the upgrade, California is still two notches below the average credit rating for a state, Aa1. California's new credit rating, Aa3, leaves it tied with Arizona and Connecticut. The only two states worse off are Illinois and New Jersey. State Treasurer Bill Lockyer hailed...

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