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California's Rating Outlook Revised To Stable On Recent Downturn In State Monthly Tax Receipts Nov 07
Standard & Poors, Nov 2007
Abstract
NEW YORK (Standard & Poor's) Nov. 20, 2007--Standard & Poor's Ratings Services revised its rating outlook on California's GO and lease debt to stable from positive. The rating outlook change reflects a recent downturn in state monthly tax receipts and the state's historical lack of corrective midyear budget action. In addition, a recent state controller's audit found state real estate values this year below budgeted levels, causing shortfalls in local school property taxes that will increase state spending under state school funding formulas. At the same time, Standard & Poor's assigned its 'A+' rating to California's $1 billion various-purpose GO bonds and affirmed its 'A+' rating and underlying rating (SPUR) on the state's GO parity debt. The 'A+' GO rating...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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