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State´s Credit Rating Drops

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A second major credit agency has dropped its rating on California´s creditworthiness. The move comes in reaction to Governor Gray Davis´ projection that the state faces a nearly $35 billion budget deficit. Fitch Ratings lowered California´s rating for bonds and for money the state borrows to keep cash in its coffers and pay its bills. Standard & Poor´s dropped its ratings on California bonds Thursday.

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