Governor Brown Issues Statement on S&P's Upgrade of California's Credit Ratings Outlook


2-14-2012

SACRAMENTO – Governor Edmund G. Brown Jr. today issued the following statement after Standard & Poor’s (S&P) Rating Services shifted California’s credit ratings outlook from stable to positive:

“The fact that California’s ratings outlook has shifted from negative to positive in less than a year is a powerful vote of confidence in our state,” said Governor Brown. “Let’s keep the momentum going.”

S&P, one of the big three credit rating agencies, announced today that it would shift California’s ratings outlook from stable to positive, noting in a news release that “the state is poised for credit improvement – and potentially higher rating – pending its ability to better align its cash performance and budget assumptions.”

In July, S&P shifted the state’s credit ratings outlook from negative to stable after Governor Brown signed the state’s first on-time, honestly balanced budget in a decade.

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