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California's GO, Appropriation-Backed Debt Ratings Removed From CreditWatch Negative; Outlook Negative Aug 09
Standard & Poors, Aug 2009
Abstract
SAN FRANCISCO (Standard & Poor's) Aug. 18, 2009--Standard & Poor's Ratings Services removed from CreditWatch with negative implications its ratings on the state of California's existing general obligation (GO) and appropriation-backed lease revenue debt, where they were placed June 15, 2009. The outlook is negative. At the same time, Standard & Poor's affirmed its 'A' long-term and underlying ratings (SPURs) on California's $67.11 billion of existing GO debt, which includes $8.07 billion of economic recovery bond (ERB) debt on which we maintain long-term ratings and SPURs and are secured both by the state's GO and statewide special quarter-cent sales tax pledge. Standard & Poor's also affirmed its 'A-' long-term ratings and SPURs on the state's $8.05 billion in existing appropriation-backed...
Companies mentioned in this report are: California
Action: Affirmed
Action: Outlook: Negative
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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