Summary: California; Tax Secured, General Obligation Jul 01

Standard & Poors, July 2001

Abstract
The removal of California's ratings from CreditWatch reflects the alleviation, at least for the time being, of liquidity pressure on California's general fund, following the recent closing of a $4.3 billion interim loan facility with J.P. Morgan Securities Inc., Lehman Brothers, and other financial institutions for future purchases of electric power through the state's Department of Water Resources. The maintenance of the 'A+' GO rating, but with a negative rating outlook, reflects the state's continued rapid level of spending for power purchases; the only thing that has changed is that it is using borrowed money instead of its own. The interim loan facility buys the general fund time to find a satisfactory workout situation. The amount of the interim loan...

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California

Customers who bought this item also bought

• U.S. Military Avionics Market Assessment
• Academic Interlibrary Loan Benchmarks, 2011 Edition
• Global Resource Sharing
• Government Guarantees - In Focus
• Library Use of eBooks, 2012 Edition
• eLEARNING - Global Strategic Business Report
• Thailand Defence and Security Report Q4 2011
• The Survey of Higher Education Faculty: Use of Academic Library Interlibrary Loan Services
• Survey of Public Library Use of Tablet Computers, Smartphones & eBook Readers
• Higher Education Interlibrary Loan Management Benchmarks