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S&P Boosts California's Credit Outlook

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(San Francisco, CA)
Tuesday, February 14, 2012

California's credit rating remains an A-minus - the lowest of the 50 states.  But the Valentine's Day love from Standard & Poor's means the ratings agency thinks that could change.

Petek: "In our view, there's a one-in-three chance that at some point in the next two years, we may raise the state's rating from its current level."

S&P analyst Gabriel Petek says that's because of a more fiscally-sound spending plan than in previous years … and the state's new majority-vote budget process, which decreases the chances of a stalemate.

Petek: "Now, if they can follow through with some of the improvements that have been set in motion, we think there is the chance that the state's rating could actually be upgraded."

Governor Jerry Brown calls the news a "powerful vote of confidence in our state."  But Senate Republican Leader Bob Huff says California's credit rating won't improve until the state's deficit is fixed.

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