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Fitch raises California's GO rating one notch to 'A'
August 5, 2013 / 10:04 PM / 4 years ago

Fitch raises California's GO rating one notch to 'A'

SAN FRANCISCO, Aug 5 (Reuters) - Fitch Ratings raised its rating on Monday on $72 billion of California’s general obligation bonds to “A” from “A-minus,” citing the state’s improved fiscal standing and economic and revenue recovery.

“Notable progress includes timely, more structurally sound budgets, spending restraint, and sizable reductions in budgetary debt,” Fitch said in a statement.

Despite California’s stronger finances, Fitch said the state is a “long way” from a full fiscal recovery and faces challenges from underfunded teachers’ pensions and from its unemployment and prison systems.

Fitch revised its rating outlook to stable from positive.

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