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A Preview of the 2000 California Note Season May 00
Standard & Poors, May 2000
Abstract
Issuers throughout California are in the process of sizing their TRAN issuances for the 2000-2001 fiscal year in order to meet their cash-flow needs. Each year, beginning in June, several hundred issuers in California, including counties, school districts, and cities, issue cash-flow notes to be repaid with property taxes, unrestricted revenues, and other legally available funds attributable to the respective fiscal year. According to Thomson Financial Securities Data Co. (SDC) figures, the California note market constitutes the second largest share-about 17%-of the national note market, after New York. According to SDC, overall short-term debt issuance nationwide increased about 7% in 1999 to $37.0 billion from $34.6 billion the prior year. In 1999, the total par amount of short-term debt rated...
Companies mentioned in this report are: Los Angeles Cnty,New York City,California,California Sch Cash Resv Prog Auth,California Statewide Communities Dev Auth
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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