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California's Ratings Placed on CreditWatch Positive Following Tuesday's Bond Issue Vote Mar 04
Standard & Poors, March 2004
Abstract
NEW YORK (Standard & Poor's) March 3, 2004--Standard & Poor's Ratings Services placed its 'BBB' rating on California's general obligation bonds and its 'BBB-' rating on the state's general fund lease obligations bonds on CreditWatch with positive implications following Tuesday's approval by the electorate of a $15 billion general obligation bond to fund previous and current general fund operating deficits. Near-term liquidity pressures have eased due to the state's ability to refinance $14 billion of existing notes due in June 2004 with long-term bond obligations. In addition, the new GO debt authorization gives the state the ability to use bond proceeds to fund approximately $6.4 billion of operating deficits in fiscal years 2004 and beyond. 'Standard & Poor's GO debt...
Companies mentioned in this report are: California
Action: On CreditWatch:Positive
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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