SECURITIES

Moody’s to Review State’s Debt Ratings: Moody’s Investors Service Inc. said it will review California’s credit ratings amid concern about the state’s increased reliance on short-term borrowing and its persistent budget deficit. California is expected to sell as much as a record $10 billion in notes and warrants next month to help pay its bills. The budget deficit is expected to total more than $4 billion in the next fiscal year, which begins July 1, according to analysts. The Wall Street credit rating company has put an AA rating on California’s $18 billion in publicly traded general-obligation debt. California’s inability to eliminate its accumulated deficit is largely responsible for the state’s sizable short-term borrowing needs, Moody’s said.