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California; Tax Secured, General Obligation Apr 04
Standard & Poors, April 2004
Abstract
Standard & Poor's Ratings Services assigned its 'BBB' rating to California's new $1.75 billion various-purpose GO bond issue and placed the rating on CreditWatch with positive implications in association with the state's outstanding GO debt rating, which was placed on CreditWatch with positive implications March 3, 2004. The rating reflects several years of very large operating deficits; a projected deficit in the current fiscal year; and projections of a large structural gap in future years between ongoing revenues and expenses, absent legislative changes. The state's outstanding GO debt rating was placed on CreditWatch with positive implications following voter authorization of up to $15 billion of deficit financing bonds, which should temporarily mitigate short-term liquidity concerns as $14 billion of state...
Companies mentioned in this report are: California
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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