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California's $1B GO And GO Refunding Bonds Assigned 'A' Rating; Outlook Stable Dec 05
Standard & Poors, Dec 2005
Abstract
NEW YORK (Standard & Poor's) Dec. 5, 2005--Standard & Poor's Ratings Services assigned its 'A' rating to California's $1 billion GO and GO refunding bonds and affirmed its 'A' rating on the state's roughly $34.5 billion of GO debt, not including self-supporting general obligation debt or economic recovery bonds, which are additionally supported by sales taxes. The outlook is stable. 'The stable outlook is based on the state's elimination of near-term liquidity pressures following the sale of long-term deficit funding bonds in fiscal 2004 and the receipt of temporary windfall tax amnesty cash in fiscal 2005,' said Standard & Poor's credit analyst David Hitchcock. 'This is, however, offset by the expectation of large continuing operating deficits absent deficit financing and...
Companies mentioned in this report are: California
Action: Affirmed
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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