quasi in rem

Saturday, May 22, 2004

Moody's Upgrades California, Citing Recovery: " leading Wall Street ratings agency on Friday raised California's credit rating, citing an improving economy, the first such upgrade in four years and a move that promised to bring down the state's borrowing costs on $44 billion in debt.

Analysts saw the unexpected credit upgrade by Moody's Investors Service as an endorsement of the steps Gov. Arnold Schwarzenegger (news - web sites) has taken to bring California back from the brink of a fiscal crisis that drove its credit ratings near junk levels and had threatened to effectively shut the state out of the bond market for new borrowing. "

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