S&P rates California's GO bonds A

April 2 Tue Apr 2, 2013 5:42pm EDT

April 2 (Reuters) - Standard & Poor's Ratings Services on Tuesday assigned an A rating to California's upcoming $2.0 billion new and refunding general obligation bond sale.

The rating agency also affirmed California's $72.46 billion of GO debt and $1.9 billion of Proposition 1A bonds with a stable outlook.

The rating agency said that "recent commitment to reaching alignment between ongoing expenses with recurring revenues while paying down budgetary debts, and likelihood for regular enactment of timely budgets" are among the factors supporting the ratings.

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