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California; General Obligation Jun 08
Standard & Poors, June 2008
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to California's various-purpose general obligation (GO) bonds and affirmed its 'A+' underlying rating (SPUR) on the state's outstanding GO debt. The outlook is stable. The bonds are secured by a general obligation of the state. The state constitution specifies that state general obligation debt service be given priority over other state expenditures, with the exception of the prior payment of local aid to school districts; the bond rating assigned reflects Standard & Poor's assessment of the likelihood of both full and timely payment of debt service on the bonds. The rating reflects the following factors: California, with a population of 37.8 million, has a large and very diverse economy. Overall net...
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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