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California; Tax Secured, General Obligation Feb 06
Standard & Poors, Feb 2006
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's $800 million various purpose GO bonds, and affirmed its 'A' rating and 'A' underlying rating (SPUR) on the state's roughly $37.7 billion of GO debt, excluding self-supporting general obligation debt or economic recovery bonds, which are additionally supported by sales taxes. California's 'A' GO debt rating reflects: A very large and diverse economy has shown recent signs of growth and healthy tax revenue increases. Large general fund operating deficits on both a budgetary and GAAP basis of accounting: on a budgetary basis of accounting, the state ran large operating deficits from fiscal 2001 through fiscal 2004, a small surplus in 2005, and will run an estimated large operating deficit...
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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