A report issued last month by California's state auditor
has raised questions about whether conflict of interest laws were broken by two
of the state's largest issuers of municipal debt. The audit's findings, though
inconclusive, cast suspicion on the practices of two joint powers authorities...
Standard & Poor's raised California's general obligation
bond rating from A-minus to A this month. The upgrade comes just a week after
S&P downgraded Illinois' rating to A-minus, meaning The Prairie State now
has the lowest bond rating in the nation instead of The Golden State...