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California; General Obligation Feb 08
Standard & Poors, Feb 2008
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to California's 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 the following factors: California, with a population of 37.8 million, has a large and very diverse economy. The state recorded a small, but positive, unreserved GAAP general fund balance as of fiscal year-end 2006, the last audited year. Overall net tax-supported debt levels are rising, but currently remain at moderate levels. Debt per capita of $1,587 has almost doubled over the past five years and could rise to high, but still manageable, levels if the large $66.3 billion remaining authorized unissued GO debt is sold, in...
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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