A second Wall Street rating agency says California’s government is more creditworthy than previous thought.
Moody’s Investors Service on Monday, Oct. 14 upgraded California’s broad “general obligation bond” rating to Aa2 from Aa3 with a stable outlook. It’s the first California upgrade by Moody’s in five years.
This move puts the state back at Moody’s third-highest grade for the first time in 18 years. But note that only seven states have lower credit scores and this grade is below the Aa1 median grade for all states.