Moody's Upgrades California, Citing Recovery

SAN FRANCISCO (Reuters) - A leading Wall Street ratings agency on Friday raised California's credit rating, citing an improving economy, the first such upgrade in four years and a move that promised to bring down the state's borrowing costs on $44 billion in debt.



Analysts saw the unexpected credit upgrade by Moody's Investors Service as an endorsement of the steps Gov. Arnold Schwarzenegger (news - web sites) has taken to bring California back from the brink of a fiscal crisis that drove its credit ratings near junk levels and had threatened to effectively shut the state out of the bond market for new borrowing.


Citing an "established trend of recovery," Moody's raised California's rating to A3 from Baa1, reversing a downgrade it made in December out of concern over continued political deadlock and a move by Schwarzenegger to cut car license fees.


Moody's rivals Standard & Poor's and Fitch Ratings said they want to see the budget that California lawmakers pass for the fiscal year starting in July before weighing ratings changes of their own.

http://news.yahoo.com/news?tmpl=story&cid=1896&u=/nm/20040521/us_nm/economy_california_rating_dc_1&printer=1

Looks the Governator is doing something right

Thugs patting each other on the back. Nice try.
Giuliani also took credit in NYC for Dinkins hiring of cops and reduction in crime. Now they boast "they are better at policing NYC" - only right before 911 Giuliani got us into deficit.
Sorry, if you think I buy that