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California; Joint Criteria; Sales Tax Dec 10
Standard & Poors, Dec 2010
Abstract
Standard & Poor's Ratings Services affirmed its 'A+' long-term rating and underlying ratings (SPURs) on California's $7.39 billion of economic recovery bonds (ERBs). The outlook is stable. Standard & Poor's simultaneously affirmed the AAA/A-1 ratings on the state's series C-1, C-2, C-3, and C-5 bonds and the 'AAA/A-1+' rating the state's C-4, and C-11 bonds. The rating reflects our view of the state's: Very large, diverse, and growing population, with good potential for recovery considering total economic capacity relative to current performance; Collections of pledged sales tax revenue during fiscal 2010, which were somewhat better than forecast by the state; Conservative state assumption regarding pro forma collections of pledged revenues(pro forma debt service coverage reserves (DSCRs) of at least 1.3x...
Companies mentioned in this report are: California,BNP Paribas,JPMorgan Chase Bank N.A.,Bank of America N.A.
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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