[NoControllingLegalAuthority]

Talk about grade inflation! California gets an "A" while in the toilet financially.

[cincinnati65]

Check out all the states. The ratings agencies are SOOOOOOOO worried about the next Enron and Worldcom that they'll downgrade corporations if they don't like the feel of the paper the annual report is printed on. But let a STATE run a $50 billion dollar deficit and you end up with an 'A' rating and a "negative" outlook, which, oh, might be lifted as soon as they pass a budget. If any state ends up going belly up on any debt, look for the rating agencies to start chopping ratings with an axe.