BUSINESS BRIEFING / STATE BONDS
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California may have the credit rating on its bonds lowered by Fitch Ratings as government leaders seek ways to eliminate a $24-billion budget deficit and prevent the state from running out of cash in July.
Fitch revised its outlook on California’s A credit rating, already the lowest among U.S. states, to “negative,” an indication that the ranking may be cut in the future. Fitch said that might happen if lawmakers didn’t move quickly to redraw the budget and head off a cash shortage.
“While there appears to be consensus for quick action by the Legislature, should it be delayed or fail to materialize, further rating actions may occur,” Fitch said in a statement.
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