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BUSINESS BRIEFING / BONDS

State keeps rating after sale of short-term notes

October 22, 2008|Times Wire Reports

California's bond rating was affirmed by Standard & Poor's after the largest U.S. state borrower sold $5 billion of short-term notes to avert a cash squeeze and announced plans to sell $2 billion more. S&P removed California from its list of borrowers facing possible downgrade and kept the state at A+, the fifth-highest investment grade. The most-populous state intends to sell more notes next month after last week's successful offering helped boost its cash cushion until tax receipts arrive next year.

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