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Moody's Investors Service, one of the nation's largest credit rating organizations, upgraded its rating of California's $86 billion in general obligation debt Wednesday, citing the state's "rapidly improving financial position."

The upgrade from A1 to Aa3 came just a few days after Gov. Jerry Brown signed a 2014-15 state budget whose revenues and outgo are balanced and includes a "rainy-day fund" that will, if approved by voters in November, absorb some excess revenues.

Moody's also cited the state's progress in reducing unfunded pension liabilities and its improving economy in its upgrade, but cautioned that the state's revenue structure remains volatile.

The firm also raised its ratings of other state and local debts in its report.

PHOTO: Looking on behind are, from left, state Sen. Ben Hueso, Assemblywoman Nancy Skinner, Assembly Speaker Toni Atkins, and Senate President Pro Tem Darrell Steinberg. Associated Press Photo/Gregory Bull



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