California doesn't have the worst credit any more

Who said things weren't turning around? Actually, the state still has an A1 rating, according to Moody's, but Illinois just received an even worse A2 on the basis of pension problems and delayed payments. California continues to rank last according to the other two credit agencies, Fitch and Standard & Poor's. State Treasurer Bill Lockyer has long groused at the methodology behind these ratings - and you have to admit that being last or near last doesn't make much inherent sense, even with all the budget problems. (Capitol Alert)