Looking ahead, Burt Mulford, a manager of municipal bonds at Eagle Asset Management, believes that Standard & Poor’s and Fitch Ratings may also upgrade California from its current A ranking, the sixth-highest, over the next few months.

“The trend is there — there’s going to be another upgrade soon,” Mulford said in the article. “Cal is going to start trading through the AAA scale, just because of demand.”

iShares California AMT-Free Muni Bond ETF

For more information on the munis market, visit our municipal bonds category.

Max Chen contributed to this article.