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California; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Apr 11
Standard & Poors, April 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A-' long-term and underlying ratings (SPURs) on California's general obligation (GO) debt. Simultaneously, we affirmed the 'A-' SPUR on the state's variable-rate demand bonds. The outlook on all ratings is negative. The state's ratings reflect our view of: The state's economic depth and diversity, which boasts a well-educated workforce that attracts and generates firms in progressive and innovative sectors, helping position California as a leading venture capital recipient state. Deep structural budget imbalance predicated on a volatile revenue base, which presents recurring stress to state liquidity; An array of legal requirements and mandates that complicate governance and fiscal management; and Large off-balance-sheet liabilities and legal claims on future general fund resources, further diminishing...
Companies mentioned in this report are: California
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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