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California Rating Lowered to 'A' Dec 02
Standard & Poors, Dec 2002
Abstract
NEW YORK (Standard & Poor's) Dec. 19, 2002--Standard & Poor's Ratings Services today lowered its ratings on California's $23.5 billion of GO bonds (excluding bonds also secured by veteran's housing revenues) to 'A' from 'A+', the state's $12.5 billion of revenue anticipation notes to 'SP-2' from 'SP-1', the state's commercial paper program to 'A-2' from 'A-1', and the state's $6.4 billion of general fund lease-backed debt, issued by the California State Public Works Department, to 'A-' from 'A'. The outlook is stable. The downgrades follow Gov. Gray Davis' announcement yesterday of a projected general fund budget gap of $34 billion for fiscal 2004, absent corrective budget action. In particular, Standard & Poor's conversation with the state budget office indicates a...
Companies mentioned in this report are: California
Action: Downgraded
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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