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California; Appropriations; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Jul 11
Standard & Poors, July 2011
Abstract
Standard & Poor's Ratings Services revised its outlook on all ratings for California to stable from negative. The negative outlook had been linked to our assessment of the possibility of a recurring cash deficiency. We believe the enactment of the fiscal 2012 budget is likely to mitigate this risk for the most part. In our view, the mixture of solutions in the fiscal 2012 budget employed to achieve budget balance is largely realistic and should clear a path for the state to issue its revenue anticipation notes, thereby helping maintain adequate operating liquidity for the 2012 fiscal year. Because the state has improved the structural alignment between its recurring revenues and expenditures, we now view the state's rating outlook as...
Companies mentioned in this report are: California,Bay Area Infrastructure Fincg Auth
Action: Outlook Revised
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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