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California; Tax Secured, General Obligation Apr 06
Standard & Poors, April 2006
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's $300 million various-purpose GO bonds and $420 million GO refunding bonds, and affirmed its 'A' rating and underlying rating (SPUR) on the state's roughly $35.6 billion of GO debt, excluding self-supporting GO debt, and economic recovery bonds, which are additionally supported by sales taxes. The 'A' rating reflects the following: California's economy is very large and diverse, and has shown recent signs of growth and healthy tax revenue increases. The state has an estimated $3.1 billion general fund operating deficit on a budgetary basis of accounting for fiscal 2006 (excluding tobacco bond proceeds), and Gov. Arnold Schwarzenegger is proposing a $6.4 billion operating deficit for fiscal 2007. On a...
Companies mentioned in this report are: California,California Dept of Vet Affairs
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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