Governor Edmund G. Brown Jr. today issued the following statement after Standard & Poor's (S&P) Rating Services shifted California's credit ratings outlook from stable to positive:
"The fact that California's ratings outlook has shifted from negative to positive in less than a year is a powerful vote of confidence in our state," said Governor Brown. "Let's keep the momentum going."
S&P, one of the big three credit rating agencies, announced today that it would shift California's ratings outlook from stable to positive, noting in a news release that "the state is poised for credit improvement -- and potentially higher rating -- pending its ability to better align its cash performance and budget assumptions."
In July, S&P shifted the state's credit ratings outlook from negative to stable after Governor Brown signed the state's first on-time, honestly balanced budget in a decade.