S&P Drops California Over Shortfall

Finestone, Deborah
December 2002
Bond Buyer;12/20/2002, Vol. 342 Issue 31537, p1
Trade Publication
Reports that U.S.-based rating agency Standard & Poor has downgraded California's debt rating owing to the widening state budget deficit. Need for greater revenue sources and reductions in state spending; Statistical details pertaining to the debt ratings of California; Factors responsible for the budget deficit; Reason behind rejection of proposals for increased fees on car registrations and higher taxes on cigarettes.


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