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California's $1.7 Billion GO Bonds Rated 'A'; Outlook Stable Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 11, 2003-Standard & Poor's Ratings Services said today it assigned its 'A' rating to California's $1.7 billion various purpose GO bonds. The outlook is stable and the sale date is June 19. At the same time, Standard & Poor's affirmed its ratings on California's $27.3 billion in outstanding debt. 'The stable outlook reflects the anticipation that the state will run a very large operating deficit in fiscal 2003,' said Standard & Poor's credit analyst David Hitchcock. 'Furthermore, passing a fiscal 2004 budget will be very difficult due to the enormous size of the projected budget gap, sharp differences of opinion in the legislature, and the need to acquire two-thirds legislative approval to pass a...
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: 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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