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California; Tax Secured, General Obligation Oct 02
Standard & Poors, Oct 2002
Abstract
The 'A+' long-term GO bond rating on California reflects: The state's large, diverse, and growing economy of 34.8 million people, with employment growth better than that of the nation during the recent economic slowdown, although state personal income growth continues to lag; Reliance on optimistic revenue assumptions that may actually not be realized and produce an operating deficit in fiscal 2003, even though the budget appears to be balanced based on these assumptions; Onetime budget balancing measures and substantial borrowing used to balance a substantial part of the fiscal 2003 budget, which includes the state's onetime sale of power revenue bonds and tobacco securitization bonds--the state's legislative analyst office has estimated an ongoing $10 billion structural budget gap in future...
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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