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California Ratings Affirmed On Revised Budget Proposal To Eliminate Deficit Jun 10
Standard & Poors, June 2010
Abstract
SAN FRANCISCO (Standard & Poor's) June 8, 2010--Standard & Poor's Ratings Services affirmed its 'A-' long-term rating and underlying rating (SPUR) on the State of California's $69 billion (approximate; as of May 1, 2010) in existing general obligation (GO) bonds. We also affirmed our 'A-' rating on the state's $1.9 billion Proposition 1A receivables program bonds. Finally, we affirmed our 'BBB+' rating on $7.62 billon of the state's existing lease revenue bonds. The outlook is negative. On May 14, 2010, Gov. Arnold Schwarzenegger put forward his revised budget proposal for fiscal 2011. By incorporating budget solutions adopted in the legislative special session ($1.4 billion of general fund savings), assumed federal funds ($700 million), and updated revenue estimates ($600 million lower),...
Companies mentioned in this report are: California
Action: Affirmed
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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