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California; Tax Secured, General Obligation Sep 03
Standard & Poors, Sep 2003
Abstract
The 'BBB' rating on California's outstanding GO bonds reflects the following: A very large fiscal 2003 general fund operating deficit of $7.3 billion, or 9.3% of expenditures, on a budgetary basis of accounting. The state estimates that the 2003 operating deficit pushed the accumulated general fund deficit, on a budgetary basis, to $9.6 billion, or 12.3% of expenditures, at fiscal year-end 2003, not including the state's accrual of $10.7 billion of deficit financing bond proceeds for bonds that are yet to be sold. The current fund balance deficit exceeds, in percentage terms, the state's accumulated fund balance deficit in the early 1990s. A general fund budget for fiscal 2004 that would leave the state with a $3.6 billion fund balance,...
Companies mentioned in this report are: California
Action: Affirmed
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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