LOS ANGELES -- In a triple whammy, the three major credit rating agencies Friday downgraded about $18.4 billion of California general obligation bonds.

Standard & Poor's dropped its long-term rating on the state's bonds to A from A-plus, Moody's Investors Service lowered its rating to A1 from Aa, and Fitch Investors Service downgraded the state to A from AA. In addition Moody's revised California's lease revenue bond rating to A from A1.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.