California Bonds Rated Less Than Kazakhstan

Collapse continues:

Californian munis cost 2.6% of face value per year to insure, reports CMA DataVision in London, which tracks bond insurance data. Kazakh bonds: Just 1.8%. It is “now less expensive to insure Kazakh debt than that of Greece, California and various other entities,” confirms CMA spokesman Simon Mott. (Crisis-stricken Greece, incidentally, costs about the same as California).

via California Munis: No Need to Panic – WSJ.com.