Standard & Poor's Corp. yesterday said it is studying all California country ratings in light of the new state budget, and the rating agency plans to publish the results by the end of September.

The state's fiscal 1994 budget, which began July 1, shifts $2.6 billion of local property tax revenues to schools. Counties bear a disproportionate share of that shift, though the cut is offset partly by extension of a statewide sales tax increase and other relief.

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