Let’s look at the bright side: California is more creditworthy than Kazakhstan, according to one private analysis. But not by much.

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. Others on the list include Kazakhstan, Latvia and Iceland, the latter of which essentially went bankrupt last fall in the global financial meltdown. The nation most likely to default is Argentina, with a nearly 74 percent chance, according to CMA.

The firm’s rankings were dismissed out of hand by state Treasurer Bill Lockyer, who noted that the state has never even been late on a bond payment.

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