SAN FRANCISCO — Standard & Poor’s today downgraded California’S general obligation debt one notch, to A-minus from A.
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The outlook remains negative, said analyst Gabriel Petek.
In connection with the general obligation downgrade, Standard & Poor’s also downgraded the state’s lease- and appropriation-backed debt to BBB-plus.
In December, the state had $63 billion of GOs outstanding, according to the state treasurer’s office.
The rating on California’s revenue anticipation notes was affirmed at SP-1.
Despite the downgrade, Standard & Poor’s maintains a higher rating on California than the other two rating agencies. Fitch Ratings rates the state BBB and Moody’s Investors Service rates it Baa1.
