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California's $300 Million GO Bonds Rated 'A+' Apr 99
Standard & Poors, April 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) April 6, 1999--Standard & Poor's today assigned its single-'A'-plus rating to California's $300 million GO bonds. In addition, Standard & Poor's affirmed its single-'A'-plus rating on the state's outstanding bonds. The GO rating reflects: -- A diverse economy showing broad economic improvement and employment growth above prerecessionary levels after economic restructuring; -- An improved financial position, stabilized at a still small general fund accumulated balance; -- Ongoing structural budget impediments, such as Proposition 98 mandated school funding levels, and a two-thirds legislative vote requirement for budget passage; and -- Debt levels that are expected to remain moderate, despite $9.2 billion in recently approved GO school bonding. Fiscal 1998 general fund balances ended with a...
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: 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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