LOS ANGELES - Standard & Poor's Corp. yesterday lowered its rating on California general obligation bonds to A-plus from AA, reflecting the failure of lawmakers to pass a budget and severe cash-flow problems.

The downgrade marks the first time the agency has placed California's GO credit rating in the single-A levels, according to a Standard & Poor's official.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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