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California; General Obligation; Note Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to California's $4.0 billion various purpose general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the state's $45.6 billion of existing GO debt. Finally, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5.0 billion revenue anticipation notes (RANs). The rating long-term 'A' ratings and SPURs reflect our view of the state's: Large and diverse economy, with a gross state product that is equivalent to approximately 13% of the U.S. gross domestic product; and Conservatively structured and moderate existing debt burden. Also reflected in the 'A' long-term ratings and SPURs is our view of several of...
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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