California heads to Wall Street this week to borrow for the first time since the most-populous state earned a credit-rating boost in January, as buyers push its debt close to the strongest in more than four years.

The relative borrowing cost for issuers in the state has been cut in half since Governor Jerry Brown took office in 2011 and began whittling down chronic deficits. Standard & Poor's raised the state's rating Jan. 31 for the first time since 2006 after voters agreed to increase taxes on income and sales. The 74-year-old Democrat has proposed a budget with a surplus, California's first in almost a decade.

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