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California's $500M Various-Purpose GO Bonds Rated 'A'; Outlook Stable Sep 04
Standard & Poors, Sep 2004
Abstract
NEW YORK (Standard & Poor's) Sept. 7, 2004--Standard & Poor's Ratings Services assigned its 'A' rating to California's $500 million various-purpose general obligation bonds and affirmed its 'A' rating on the state's outstanding general obligation debt. The rating reflects the state's very large and diverse economy, which has shown recent signs of strong growth; the easing of immediate liquidity concerns as the result of a March 2004 voter authorization of $15 billion in long-term bonds to fund past, current, and future general fund operating deficits; and large consecutive general fund operating deficits beginning in fiscal 2001 and extending through the fiscal 2005 budget, if deficit debt financing is excluded. The rating also reflects projections of a large structural gap in...
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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