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California; General Obligation Sep 07
Standard & Poors, Sep 2007
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating, and positive outlook, to California's series 2007A federally taxable stem cell research and cures GO bonds. At the same time, Standard & Poor's affirmed its 'A+' rating and underlying rating (SPUR), with a positive outlook, on the state's GO parity debt. The 'A+' GO rating reflects the following: California, with a population of 37 million, has a large and diverse economy that has recently exhibited strong economic growth, producing healthy tax revenue increases. The state recorded a small, but positive, unreserved GAAP general fund balance as of fiscal year-end 2006, the last audited year. Overall net tax-supported debt levels are rising, but currently remain at moderate levels. Debt per capita has...
Companies mentioned in this report are: California
Action: New Rating
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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