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California; General Obligation Nov 06
Standard & Poors, Nov 2006
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to California's various-purpose GO and GO refunding bonds, while at the same time affirming its 'A+' rating and underlying rating (SPUR) on the state's GO debt. The rating reflects the following: California has a large and diverse economy of 37 million people, which has exhibited strong recent growth, producing healthy tax revenue increases. State officials are projecting personal income growth of 6.2% in 2006. The state recorded a small, but positive, GAAP general fund balance as of fiscal year-end 2005, the last audited year. California has a history of uneven financial operations. On a budgetary basis, the state ran large operating deficits from fiscals 2001-2004 and a small surplus in 2005....
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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