S&P upgrades California general obligation debt one notch to A

SAN FRANCISCO Thu Jan 31, 2013 12:37pm EST

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SAN FRANCISCO Jan 31 (Reuters) - Standard & Poor's upgraded California's general obligation bond rating one notch to A from A-minus on Thursday, a spokesman for the rating agency said.

The spokesman added that the rating on the most populous U.S. state's general obligation bonds is stable.

Other details on the action were not immediately available, the spokesman said.

The upgrade comes on the heels of Governor Jerry Brown earlier this month unveiling a state budget plan projecting the budget, long plagued by deficits, could swing to a surplus.

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