May 21, 2004

Didn't You Used to Gray Davis?

Remember how Arnold was going to be such a disaster as Governor according to the LA Times? No apology necessary:

A leading Wall Street ratings agency on Friday raised California's credit rating, citing an improving economy, the first such upgrade in four years and a move that promised to bring down the state's borrowing costs on $44 billion in debt.

Analysts saw the unexpected credit upgrade by Moody's Investors Service as an endorsement of the steps Gov. Arnold Schwarzenegger has taken to bring California back from the brink of a fiscal crisis that drove its credit ratings near junk levels and had threatened to effectively shut the state out of the bond market for new borrowing.

Citing an "established trend of recovery," Moody's raised California's rating to A3 from Baa1, reversing a downgrade it made in December out of concern over continued political deadlock and a move by Schwarzenegger to cut car license fees.

Posted by Charles Austin at May 21, 2004 09:01 PM