British analysts rate California as high risk for credit default - Sacramento Business, Housing Market News | Sacramento Bee: "A London financial firm named CMA puts California in dubious company, ranking it ninth in the world among the 10 governmental entities most likely to default on their financial obligations.
California has a 26.75 percent chance of defaulting over five years, according to CMA. The rankings are based on the prices for credit-default swaps, which are insurance-like products that would pay bondholders in the event of a default.
Others on the list include Kazakhstan, Latvia and Iceland, the latter of which essentially went bankrupt last fall in the global financial meltdown."
Thanks to Fred Pilot for this depressing link.