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California's $1 Billion GO Bonds Rated 'A+';Outstg GO Debt Affirmed, Outlook Negative Feb 02
Standard & Poors, Feb 2002
Abstract
NEW YORK (Standard & Poor's) Feb. 15, 2002-Standard & Poor's today assigned its single-'A'-plus rating to California's $1 billion GO bonds dated Feb. 1, 2002, due Feb. 1, 2007-2032. The bonds are scheduled to sell on Feb. 20, 2002. At the same time, Standard & Poor's affirmed its single-'A'-plus and single-'A'-plus underlying ratings (SPUR) on California's outstanding GO debt. The outlook is negative. The rating reflects: -- A large, diverse, and growing economy of 34 million people, which has been performing better recently than the nation's economy; -- Prospects for substantial budget shortfalls in fiscals 2002 and 2003, despite a recent midyear fiscal 2002 budget cut of $2.2 billion, with structural deficits likely continuing for the foreseeable future because of...
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: 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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