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California; Tax Secured, General Obligation Apr 03
Standard & Poors, April 2003
Abstract
The 'A' rating on California's GO bonds series 2003 D reflects the following: The state's large, diverse, and growing population (35.3 million) experiencing employment performance similar to the nation, although state personal income growth continues to lag. An expected large general fund operating deficit in fiscal 2003, following a $3.5 billion accumulated general fund deficit at fiscal year-end 2002 on a GAAP basis. In January, the state projected a large $7.8 billion general fund budgetary basis operating deficit for fiscal 2003, assuming $5.5 billion of midyear budget adjustments were made. The legislature has since enacted just $3.3 billion of budget-closing measures, and delays in enactment have raised other costs. The potential shortfall in 2003 is expected, in percentage terms, to...
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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