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California’s Credit Rating Improved

Wall Street´s third major credit agency has upgraded California´s rating.

The move reflects a recovering economy and the state government´s improving finances.

Fitch Ratings raised the rating on more than $13 billion in bond offerings. The move followed the lead of Standard and Poor´s last month, and Moody´s in May.

However, California´s ratings remain the lowest of any state. Fitch warned it will continue monitoring the state´s efforts to bring government spending in line with revenue, something Governor Schwarzenegger says is a multiyear priority.

His administration hailed yesterday´s decision as a sign California is moving in the right direction.