Kabooooommm!!!! California…

In typical fashion, the rating agencies show up after the fact. Nothing unusual here folks.

Fitch Ratings on Friday changed its outlook to negative from stable on California’s long-term general obligation bond rating of A, citing growing concerns with the state’s widening budget and cash-flow deficits.

If the state legislature fails to act quickly, other actions …

http://online.wsj.com/article/BT-CO-20090529-716500.html

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