SAN FRANCISCO — Citing California’s “severe” budget imbalance and the likely reappearance of cash-flow problems, Standard & Poor’s Wednesday downgraded the state’s general obligation bond rating to A-minus from A. The agency continues to assign a negative outlook.

The downgrade comes days after Gov. Arnold Schwarzenegger released his budget proposals to close a $19.9 billion general fund gap estimated through June 2011.

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