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California; Tax Secured, General Obligation Sep 04
Standard & Poors, Sep 2004
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's various-purpose GO bonds and affirmed its 'A' rating on the state's outstanding GO debt, reflecting: The state's very large and diverse economy, which has shown recent signs of 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; Large consecutive general fund operating deficits beginning in fiscal 2001 and extending through the fiscal 2005 budget, if deficit debt financing is excluded; and Projections of a large structural gap in future years between ongoing revenues and expenses, absent legislative changes. The state enacted its fiscal 2005 budget about...
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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