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California's Various-Purpose GO Bonds Rated 'BBB'; Outlook Stable Feb 04
Standard & Poors, Feb 2004
Abstract
NEW YORK (Standard & Poor's) Feb. 12, 2004-Standard & Poor's Ratings Services assigned its 'BBB' rating to California's $2 billion various-purpose general obligation bonds, reflecting several years of very large operating deficits, a projected deficit in the current fiscal year's budget, and projections of a large structural gap in future years between ongoing revenues and expenses, absent legislative changes. The state has funded its resulting operating deficits with large levels of short-term debt, which currently mature in June 2004. Standard & Poor's also affirmed its 'BBB' rating on the state's approximately $31.7 billion outstanding debt. The rating outlook is stable, reflecting the expectation that the state's fiscal 2004 cash position will be funded adequately. Currently, the state has adequate cash...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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