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California Financial Services Companies Weathering State Woes, S&P Says May 04
Standard & Poors, May 2004
Abstract
NEW YORK (Standard & Poor's) May 7, 2004--Despite recent economic and political turmoil in California, the state's local banks and insurers are performing well and will likely continue to do so throughout 2004, according to Standard & Poor's Ratings Services in a report published today. 'Assuming that the state continues to address its fiscal situation and exhibits some economic growth in 2004, banks and insurers should not be adversely impacted by the state's fiscal challenges,' said Michael Gross, a director in Standard & Poor's Financial Services department in San Francisco. Rated California banks and insurers have performed in-line with generally strong regional and national trends, according to the report. Although some have exposure to California general obligations, exposures are generally...
Companies mentioned in this report are: California,Bank of America Corp.,Washington Mutual, Inc.
Action: General Comment
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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