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California; Tax Secured, General Obligation Sep 05
Standard & Poors, Sep 2005
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's $1 billion GO and GO refunding bonds and affirmed its 'A' rating on the state's roughly $34.6 billion of GO debt outstanding, not including self-supporting GO debt or economic recovery bonds, which are additionally supported by sales taxes. The rating reflects: A very large and diverse economy that has shown recent signs of growth and healthy tax revenue increases; Large consecutive general fund operating deficits, on a budgetary basis of accounting, beginning in fiscal 2001 and extending through the enacted fiscal 2006 budget, if deficit debt financing and onetime accounting adjustments are excluded; Projections of a large structural gap in future years between ongoing revenues and expenses absent legislative...
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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