Sacramento, CA — California is in danger of a lower bond rating because of its budget woes.
Moody´s Investors Service is warning it might downgrade California´s general bond rating because its finances have deteriorated. The state is facing a $42 billion budget deficit through mid 2010 and could run out of cash next month.
A low credit rating could cost the state more to borrow money.
This post was last modified on 01/31/2009 1:29 pm