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California's $1.5 Billion Series 2009 Revenue Bonds Assigned 'A' Rating; Outlook Negative Nov 09
Standard & Poors, Nov 2009
Abstract
SAN FRANCISCO (Standard & Poor's) Nov. 3, 2009--Standard & Poor's Ratings Services assigned its 'A' long-term rating to the California Statewide Communities Development Authority's (CSCDA) $1.5 billion (estimated) in series 2009 revenue bonds issued for the State of California's Proposition 1A receivables program. The bonds are being issued pursuant to Proposition 1A, a voter-approved constitutional amendment, and to two statutes adopted by the state legislature and enacted into law in July and October 2009. 'Our rating on the series 2009 revenue bonds reflects our view of the credit quality of the State of California, as indicated in our rating on the state's GO bonds; what we consider to be strong constitutional and statutory provisions obligating the state to pay the...
Companies mentioned in this report are: California,California Statewide Communities Dev Auth
Action: New Rating
Action: Outlook: Negative
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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