The Latest News:
- Due to the state’s improving financial strength, Moody’s Investment Services upgraded California’s credit rating from A1 to Aa3, the highest level in 13 years, Bloomberg reported.
- The improvement reflects California’s “rapidly improving financial position, high but declining debt metrics, adjusted net pension liability ratios” and employment growth, Moody’s analysts led by Emily Raimes said.
- California lawmakers are rushing to overhaul an $11 billion bond program to upgrade the state’s waterworks, reports Micahel B. Marois for Bloomberg.
- Observers argue that the water bond for the November ballot could fail due to its size and politically-based provisions.
- California has $75 billion in debt outstanding and the authority to borrow another $26 billion.
SPDR Nuveen Barclays California Municipal Bond ETF
For past stories in this series, visit our ETF Spotlight category.
Max Chen contributed to this article.