Standard & Poor’s has affirmed its A-minus long-term underlying rating on California’s general obligation debt and maintained its negative outlook due to fractured budget negotiations.

“We continue to monitor the state’s liquidity position in light of its budget situation,” Standard & Poor’s analyst Gabriel Petek said in a report Monday. “Cash-flow management is an integral part of the state’s credit profile — and an area we believe could encounter stress in the absence of a budget agreement.”

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