March 5 Moody's assigned an A1 rating on
California's $1.6 billion general obligation bonds, citing the
state's volatile tax revenue structure and governance issues.
The rating agency also said its outlook on California is
stable, based on the state's balanced economy and finances.
Moody's added that the state's recent revenue surge has
strengthened its financial position and changes in its
governance have led to three years of on-time budget passage.()
California will sell an estimated $1.6 billion of general
obligation bonds next week, consisting of $900 million of new
bonds and $700 million of refunding bonds, a spokesman for the
state treasurer's office told Reuters on Wednesday.