Measurements of polarization-dependent soft x-ray absorption reveal that the electronic states determining the low-energy excitations of Na$_{x}$CoO$_2$ have predominantly $a_{1g}$ symmetry with significant O $2p$ character. A large transfer of spectral weight observed in O $1s$ x-ray absorption provides spectral evidence for strong electron correlations in the layered cobaltates. Comparing Co $2p$ x-ray absorption with calculations based on a cluster model, we conclude that Na$_{x}$CoO$_2$ exhibits a charge-transfer electronic character rather than a Mott-Hubbard character.