Fitch Ratings said it assigned an A rating to $1.2 billion in general obligation bonds of the state of California, consisting of: $630 million various purpose GO bonds; $300 million various purpose GO refunding bonds; and $270 million federally taxable various purpose GO bonds.
The bonds will be sold via competitive bid on Nov. 13.
The rating outlook is stable.
The state has benefitted from institutionalized changes to fiscal management in recent years, which, when combined with the ongoing economic and revenue recovery, have enabled it to materially improve its overall fiscal standing. Progress includes timely, more structurally sound budgets, spending restraint, and continued sizable reductions in budgetary debt, Fitch said.
