Moody’s Upgrades California’s Credit Rating

On Wednesday, Moody's upgraded California's credit rating to Aa3 -- the state's highest level since 2001 -- citing the state's budget process and implementation of a rainy day fund. However, California still falls below the average credit rating among states, which is Aa1.

• "Moody's Boosts California's Credit Rating, Cites Financial Progress" (Megerian, Los Angeles Times, 6/25).