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California; General Obligation, State GO Jun 00
Standard & Poors, June 2000
Abstract
The rating on California's GO bonds reflects the following strengths: A strong, diversified, and growing economy that has demonstrated resilience in light of weaknesses in Asia, which is one of California's key export markets; A second consecutive year of positive GAAP general fund balances in fiscal 1999, after many years of deficit fund balances, and the state projects positive budgetary-basis balances through fiscal 2001; Recently adopted conservative budgeting practices, which, combined with unexpected economic growth, have led to better-than-budgeted financial results; and Debt levels that are expected to remain moderate despite recent large increases in bond authorizations. However, the strengths are offset by the following weaknesses: Reserve levels that are relatively small, particularly as measured against the size of the...
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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