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The rating — already the lowest in the nation dropped from A2to Baa1, a rating assigned to bondds of medium grade quality in whicuh the security currently appears sufficient, but may be unreliable over the long It is two steps abovee a junk, or non-investment, rating. The new ratint affects about $72 billion of general obligationand lease-supported The rating agency also lowered the grade on California’s taxabled bonds and debt sold for stem cell to Aa3 from A2.
In a statemen accompanying theratings cut, the firm wrote, "The downgrades incorporates the risk we believe existss at the current time, as well as the state’ inability to solve the current difficultiea in a timely fashion." Earlier this month, the states started handing out IOUs to something it has only done once since the Greaft depression. Leaders of both major parties have been huddledrwith Gov. Arnold Schwarzenegger to try to resolve theier budget differences that will geta two-thirds majorityg vote and avoid a veto.
The governor and Republicansw opposetax hikes, while the Democratxs have argued against deep cuts in Both sides said Tuesday that progress is being made but much work remainsw before a compromise can be
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