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California; Note Sep 11
Standard & Poors, September 2011
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to California's $5.4 billion 2011-2012 revenue anticipation notes (RANs), series A-1 and series A-2. The 'SP-1+' rating reflects our view that the state has a strong capacity to retire its RANs at their maturity, scheduled for June 2012. The rating is based on the state's estimated final maturity of June 26, 2012, but we understand that a portion of the RANs may be sold in a separate series maturing in May 2012. The cash flow analysis below assumes the full $5.4 billion in RANs matures June 26, 2012. The rating also incorporates our view of: The state's smaller external cash flow borrowing amount for fiscal 2012 compared with recent fiscal years,...
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Action: New Rating
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