Most U.S. states have Standard & Poor's bond ratings of "AA" or "AAA". After that comes "A-plus", and that's the rating California used to have. Now, we've been downgraded to just "A", the lowest of all the states (link). Previously we'd been neck-and-neck with Louisiana, but now we're even worse. Moody's has CA and LA still tied for last place in their ratings, but they hint that might change.