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California GO Rating Raised To 'A+' Following A Spike In Revenues May 06
Standard & Poors, May 2006
Abstract
NEW YORK (Standard & Poor's) May 17, 2006--Standard & Poor's Ratings Services today raised its rating on California's GO bonds one notch to 'A+' from 'A' based on a $7.5 billion surge in combined fiscals 2006-2007 revenues over January projections, leading to higher-than-expected general fund balance levels estimated for fiscal 2006 and projected for fiscal 2007. This substantial increase in revenues has led the state to estimate a reduction in its structural deficit to $2.5 billion, or 2.5% of expenditures, in fiscal 2007. Concurrent with the GO upgrade, Standard & Poor's raised its rating on the state's lease-supported debt to 'A' from 'A-'. The state's completed fiscal 2005 audit shows a slightly positive general fund balance at fiscal year-end, while...
Companies mentioned in this report are: California,San Francisco St Bldg Auth,California Dept of Transportation,California State Pub Wks Brd,California St Univ Trustees,Los Angeles St Bldg Auth,San Bernardino Jt Pwrs Fin Auth,California Comnty Coll Dists,Riverside Cnty Pub Fing Auth,Shafter Jt Pwrs Fing Auth ,Taft Pub Fincg Auth,Sacramento City Fincg Auth,Oakland St Bldg Auth
Action: Outlook: Stable
Action: Upgraded
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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