June 25 (Reuters) - Moody’s Investors Service upgraded its rating on California’s general obligation debt to “Aa3” from “A1”, citing its improving financial position and employment growth.
"The Aa3 rating also reflects the state's volatile tax revenue structure and governance restrictions," Moody's said. (bit.ly/1sFlQtt)
Moody’s outlook on the state is stable. (Reporting By Kanika Sikka in Bangalore; Editing by Maju Samuel)