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Credit Woes, Optimism in Power Crisis

A major credit rating agency has downgraded California´s state bonds — citing the financial drain from the
continuing energy crisis. Standards and Poor says a further downgrade could occur if California does not follow through on plans to issue more than ten billion
dollars in revenue bonds to pay off its energy-related debts.

Meanwhile, Governor Gray Davis is pledging that California will be wallowing in electricity
by the end of 2003.