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California GO, Lease Ratings Placed on CreditWatch Negative Due to Budget Uncertainty Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 2, 2003--Standard & Poor's Ratings Services said today it placed its 'A' rating on California's $26.8 billion general fund-supported general obligation debt and $6.7 billion state general fund lease-supported debt on CreditWatch with negative implications, reflecting the state's lack of progress in adopting a fiscal 2004 budget and the diminishing prospects that meaningful structural budget reform will result from an enacted budget. In addition, should adoption of a state budget stretch into August, the potential exists for disruption of state operations and local entities dependent on state support--particularly community colleges, which cannot receive state aid in absence of a budget. State efforts to head off a potential cash flow shortfall may be hampered by...
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: On CreditWatch:Negative
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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