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California's Bonds Rated 'A+' On Large, Diverse Economy Feb 08
Standard & Poors, Feb 2008
Abstract
NEW YORK (Standard & Poor's) Feb. 25, 2008--Standard & Poor's Ratings Services assigned its 'A+' rating to California's $1.75 billion various-purpose GO bonds and affirmed its 'A+' underlying rating (SPUR) on the state's outstanding GO debt. The outlook is stable. The rating reflects California's large and very diverse economy; its small, but positive, unreserved GAAP general fund balance as of fiscal year-end 2006, the last audited year; and its rising overall net tax-supported debt levels, though debt currently remains at moderate levels. Offsetting factors include California's history of uneven financial operations; its persistent structural deficit when excluding onetime budget items, such as $3.3 billion of deficit financing bond proceeds in fiscal 2008; and state constitutional structural impediments that hamper budget...
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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