New York - California's bond rating is far from golden. Citing the Golden State's ongoing budget upheaval, Fitch Ratings on Monday downgraded California's long-term debt to BBB, one category above junk bond status. The next step is BBB- before the state's bonds would be considered speculative debt.
California has the lowest bond rating of any state, and therefore must pay higher interest rates than its peers when it issues debt...
[And still they refuse to stop spending.]
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