California; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Sep 12
- Language: English
- Published: September 2012
- Region: California
SAN FRANCISCO (Standard & Poor's) Nov. 2, 2009--Standard & Poor's Ratings Services assigned its 'A' long-term rating to the State of California's approximately $750 million various-purpose general obligation (GO) bonds (federally taxable Build America Bonds (BAB)). At the same time, Standard & Poor's affirmed its 'A' long-term and underlying ratings (SPUR) on the state's $58.53 billion of existing GO debt. In addition, we affirmed our 'A-1' rating on the state's GO commercial paper. Finally, Standard & Poor's affirmed its 'SP-1' short-term rating on the state's $8.8 billion revenue anticipation notes (RAN). "The 'A' long-term rating and SPUR generally reflect our view of the state's exceptionally large and diverse economy, with a state GDP equivalent to 12.8% of U.S. GDP; economy...
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Action: New Rating
Action: Outlook: Negative
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