LOS ANGELES — Even though California is projected to have continued budget surpluses in the next few years, it still remains a long way from fully recovering from the effects of the two fiscal crises experienced in the past decade, Fitch Ratings said in a report released Friday Nov. 22.

"California is benefiting from an economic and revenue rebound, combined with three consecutive balanced budgets," the report said. "However, continuing this progress will require the state to resist restoring spending levels and prioritize the payoff of past borrowing for operations."

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