February 4, 2013 / 4:30 PM / 5 years ago

California's budget proposal marks improvement -Moody's

Feb 4 (Reuters) - Moody's Investors Service said on Monday that California's proposed budget by its Governor Jerry Brown shows improvement in the state's finances.

California's "Improving economy, combined with recent tax increases and spending controls, has put the state on a path to large surpluses, although one that is typical of the boom-and-bust revenue and economic cycles of California," said Moody's Vice President and Senior Credit Officer Emily Raimes.

The rating agency continues to rate the state's debt at A1 with a stable outlook.

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