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California; General Obligation, State GO Nov 00
Standard & Poors, Nov 2000
Abstract
The rating on California's bonds reflects the state's: Strong, diversified, and growing economy, which has demonstrated resilience in light of weaknesses in Asia-a key export market that is now benefiting from an economic rebound; Two years of positive GAAP general fund balances through fiscal 1999 after many years of deficit fund balances; high budgetary-basis fund balances at fiscal year-end June 30, 2000; and positive projected balances through fiscal 2001, with the prospect that the state will now budget financial reserves on an ongoing basis; Recent conservative budgeting practices that, when combined with unexpected economic growth, have led to better-than-budgeted financial results; and Debt that is expected to remain moderate despite recent and anticipated large increases in bond authorizations. These strengths...
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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