S&P; unlikely to raise state’s rating
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From Times Wire Services
Standard & Poor’s signaled Tuesday that it was unlikely to raise California’s debt rating with the state suffering an estimated $10-billion shortfall in tax revenue caused by a slowing economy.
S&P; changed California’s credit outlook to “stable” from “positive.” Since 2004, the rating firm has upgraded $48.2 billion of the state’s debt to A+, the fifth-highest investment grade.
The economy is being hurt by a slide in home sales that followed the collapse of the sub-prime mortgage market.
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