Moody’s Investors Service downgraded Friday California’s general-obligation bonds to A2 from A1. Moody’s pointed out that “California has significantly less flexibility relative to other states when it comes to budgeting and revenue raising. Approval of two-thirds of the Legislature is required to pass a budget, and to raise revenues.” Moody’s became the third ratings house to downgrade California’s general-obligation bonds this year, following similar moves by S&P ‘s and Fitch Ratings.
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