S & P DOWNGRADES ON FANNIE AND FREDDIE EXPECTED TO HAVE LITTLE EFFECT ON STATE

State Treasurer Bill Lockyer says there's no reason the ratings downgrade of the federal government will have an immediate impact on California. Lockyer issued a statement August 8th, which stated that the downgrade by Standard and Poor reflects the partisan gridlock in Washington and not much more than that. Last month S & P revised California's long-term ratings outlook from negative to stable as a result of Gov. Brown signing an on time budget.