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California's GO, Lease Ratings Affirmed But Remain On CreditWatch Negative Jul 09
Standard & Poors, July 2009
Abstract
SAN FRANCISCO (Standard & Poor's) July 1, 2009--Standard & Poor's Ratings Services affirmed each of its ratings on California's debt and said that the ratings remain on CreditWatch with negative implications, where they were placed on June 15, 2009. The ratings remain 'A' on the state's approximately $59 billion in general fund-supported general obligation (GO) debt and 'A-' on its approximately $8.1 billion in appropriation-backed lease revenue debt. In addition, the state's $2.0 billion GO-commercial paper rating of 'A-1' is affirmed and also remains on CreditWatch. Although the state adopted a budget for fiscal 2010 in February 2009, its revised revenue projections rendered the budget substantially out of balance relatively soon thereafter. In the absence of an adopted fiscal 2010...
Companies mentioned in this report are: California
Action: Affirmed
Action: On CreditWatch:Negative
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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