1.   But its progress in whittling down the debt helped it recently land an investment-grade rating from the major rating houses.

2.   On Wednesday its debt was slashed to junk-bond status by Wall Street rating houses.

3.   This is considered a comfortable margin for Wall Street rating houses, which continue to rank California as a solid investment.

4.   The rating house singled out banking giants Hong Kong and Shanghai Banking Corp. and Hang Seng Bank.

5.   The rating house singled out banking giants Hong Kong and Shanghai Banking Corp. and Hang Seng Bank, saying it is reviewing their financial strength ratings.