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California, New York Upgrades Mask Debt Burdens, Conning Says

California and New York, whose credit ratings have been raised this year, have little room to improve further as debt burdens and slow job growth drag on their economies, according to Conning.

California, which in June won its best grade from Moody’s Investors Service since 2001, and New York, which earned its highest rating since 1975 in the same month, were among 15 states whose fiscal-health ranking fell the most since Conning’s previous report in May.