SAN FRANCISCO — It is the worst of times in California — with the controller warning of the impending “meltdown” of state government, and the possibility that efforts to raise cash through short-term borrowing may fail completely.

But there are better times for some other issuers in California, those with credit profiles allowing them access to the short-term debt markets, where they have been able to issue one-year revenue management notes at rates under half a percent.

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