Economy

January 14, 2010

S&P downgrades California's worst-in-nation credit rating

On the eve of another budget battle in the Legislature, California's worst-in-the-nation credit rating took another hit Wednesday. Standard & Poor's Ratings Services downgraded California a notch to an "A-minus" rating, citing the $19.9 billion deficit and the "impending recurrence of a cash deficiency."

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