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California's GO Bonds Rated 'A+' On Large, Diverse Economy And Weak Fund Balances Jun 08
Standard & Poors, June 2008
Abstract
NEW YORK (Standard & Poor's) June 13, 2008--Standard & Poor's Ratings Services assigned its 'A+' rating to California's $250 million various-purpose general obligation (GO) bonds and affirmed its 'A+' rating on the state's outstanding GO debt. The outlook is stable. The rating reflects the large and very diverse economy of California, which has a population of 37.8 million; and overall net tax-supported debt levels, which are rising, but currently remain at moderate levels. Offsetting factors include the state's negative $1.9 billion GAAP general fund balance, or 2.0% of expenditures, at fiscal year-end June 30, 2007, the last audited year, which will likely worsen in fiscal 2008; the state's history of uneven financial operations, with large operating deficits from fiscals 2001...
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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