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California GO Debt Removed From CreditWatch And Affirmed At 'A+' On Successful RANs Sale Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 21, 2008--Standard & Poor's Ratings Services removed the state of California's general obligation (GO) debt from CreditWatch with negative implications where it was placed Oct. 10, 2008. At the same time, we affirmed the 'A+' GO rating on the state as well as the 'SP-1' short-term rating on the state's revenue anticipation notes (RANs). The outlook on the GO bonds is stable. The removal of the GO bonds from CreditWatch, in our opinion, is supported by the recent successful sale of $5 billion of RANs. These RANs provide what we consider to be sufficient cash and borrowable resources, under current economic conditions and enacted budget appropriations, to enable the state to operate its general...
Companies mentioned in this report are: California
Action: Affirmed
Action: Outlook: Stable
Action: Removed From 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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