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Cal-Mortgage Insurance Program's 'A' Rating Placed on CreditWatch Negative Jul 03
Standard & Poors, July 2003
Abstract
SAN FRANCISCO (Standard & Poor's) July 2, 2003--Standard & Poor's Ratings Services today placed all outstanding debt insured by the Cal-Mortgage Insurance Program for various organizations on CreditWatch with negative implications, based on the placement of the state of California's general obligation rating on CreditWatch Negative. The outlook on this debt, which had previously been stable, is now not material. The state of California's placement onto CreditWatch was based on the state's lack of progress in adopting a fiscal 2004 budget and the diminishing prospect of structural budget reform. 'The placement onto CreditWatch is based solely on California's status and does not reflect any underlying credit concerns of Cal-Mortgage,' said Standard & Poor's credit analyst James Cortez. 'While the bonds...
Companies mentioned in this report are: Asian Hlth Svcs,California,California Hlth Facs Fin Auth,California Statewide Communities Dev Auth,Association of Bay Area Govts
Action: Outlook Revised
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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