Moody’s Upgrades State’s Bond Rating
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Moody’s Investors Service has raised the status of California bonds, the second credit-ranking company to do so in less than a week.
Moody’s elevated California’s bonds one level, from A2 to A1, the fifth-highest rank, because of a jump in tax revenue brought on by an improved economy, the company said in a statement.
Moody’s follows Standard & Poor’s, which raised its rating of California last week. The improvements come six months before voters will decide whether to sell $37.3 billion in new bonds for infrastructure projects.
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