State Controller issues statement on California's improving credit outlook.

SACRAMENTO - State Controller John Chiang today issued a statement on news that two rating agencies -- Standard & Poor’s and Fitch -- have indicated a more favorable outlook on the State's credit rating: 

"With the State’s chronic cash problems fading, I am pleased that two rating agencies are poised to upgrade California's credit worthiness," said Chiang.  "If we hope to continue to govern outside of crisis, we must avoid the over-spending mistakes of the past and take a long-term view of how to sustain the State’s fiscal health."