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California's New $1.3B GO Bonds Rated 'A+'; Structural Deficits Remain A Concern Feb 07
Standard & Poors, Feb 2007
Abstract
NEW YORK (Standard & Poor's) Feb. 9, 2007--Standard & Poor's Ratings Services assigned its 'A+' rating to California's new $1.3 billion various-purpose GO and GO refunding bonds and $625 million taxable GO bonds, while at the same time affirming its 'A+' rating and underlying rating (SPUR) on the state's GO debt. The outlook is stable. California has adequate near-term fund balances, offset by revenues and balances that have historically been volatile. The state's inability to wholly eliminate its structural deficit--estimated at $3 billion in fiscal 2007, or 3% of budget--despite prosperous economic conditions remains a credit concern. In addition, debt levels could rise to moderately high, though still manageable, levels if all authorized unissued debt is sold. There are also...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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