California Treasurer Bill Lockyer Tuesday wrote to Fitch Ratings that although he is "pleased" with the idea of using a single scale to rate municipal and corporate debt, the rating agency's proposed framework is not "sufficient" in accomplishing the goal of harmonizing ratings.

In the four-page letter, Lockyer wrote he is "disappointed" that most investment-grade general obligation and senior revenue bonds will move up only one or two notches under Fitch's proposal. (Read the letter here)

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