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California's GO Rating Lowered Three Notches to 'BBB'; Off CreditWatch Jul 03
Standard & Poors, July 2003
Abstract
DALLAS (Standard & Poor's) July 24, 2003--Standard & Poor's Ratings Services said today it lowered its rating on California's $26.8 billion of state general fund-supported general obligation debt outstanding three notches, to 'BBB' from 'A', and lowered its rating on the state's $6.7 billion of general fund lease-supported debt outstanding to 'BBB-' from 'A-'. The ratings have been removed from CreditWatch, where they had been placed July 2. Standard & Poor's also assigned its stable outlook to the debt. The downgrade results from the lack of progress in adopting a fiscal 2004 budget, which has been aggravated by the gubernatorial recall election that has now been scheduled for Oct. 7, roughly three months into fiscal 2004. With political focus on...
Companies mentioned in this report are: California,San Francisco St Bldg Auth,California Dept of Transportation,California State Pub Wks Brd,California St Univ Trustees,Los Angeles St Bldg Auth,San Bernardino Jt Pwrs Fin Auth,California Comnty Coll Dists,Riverside Cnty Pub Fing Auth,Adelanto Pub Fing Auth,Shafter Jt Pwrs Fing Auth ,Taft Pub Fincg Auth,Sacramento City Fincg Auth,Oakland St Bldg Auth
Action: Downgraded, Off CreditWatch
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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