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California; General Obligation Jun 06
Standard & Poors, June 2006
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to California's $1 billion various-purpose GO bonds and GO refunding bonds. The rating reflects the following: California has a large and diverse state economy of 37 million people, which has shown strong recent growth producing healthy tax revenue increases. The state projects personal income growth of 6.2% in 2006. The state recorded a small, but positive, GAAP general fund balance as of fiscal year-end 2005, the last audited year. California has a history of uneven financial operations. On a budgetary basis, the state ran large operating deficits from fiscals 2001-2004 and a small surplus in 2005. The deficits were met with an $11.3 billion deficit bond issue and $7.2 billion 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: Full Analysis
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