California Pensions Upgraded by Moody’s on Funding Plan
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California’s fiscal comeback is lifting prospects for its two pension funds, the largest in the U.S., to meet long-term obligations to retirees, Moody’s Investors Service said in upgrading the issuer ratings of both.
Moody’s boosted the California Public Employees’ Retirement System and the California State Teachers’ Retirement System to Aa2, its third-highest grade, from Aa3, the ratings company said. The two pension funds have a combined market value of almost $500 billion, according to their websites.