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Sunday, January 17, 2010
California Has Credit Rating Cut By S & P While Instituting Green Building Codes | motorcitytimes.com
"California’s only remaining A-level credit grade from a major rating firm is in greater danger as the state’s budget woes deepen yet again. Standard & Poor’s on Wednesday cut its rating on California’s $64 billion in general-obligation debt to A-minus from A and warned that the outlook was “negative,” meaning another reduction could loom. S&P cited new concerns about the state’s finances, including a possible cash shortage “if the state’s revenue and spending trajectories continue.” Scrambling to close a $20-billion budget gap, Gov.Arnold Schwarzenegger has proposed a number of one-time fixes — including having the federal government contribute nearly $7 billion in new aid. Yet the state’s chief budget analyst believes the odds of getting that much help from the U.S. are “almost nonexistent.”"