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California's GO SPUR Lowered To 'A' On Deteriorating Cash Position, Credit Concerns Feb 09
Standard & Poors, Feb 2009
Abstract
SAN FRANCISCO (Standard & Poor's) Feb. 2, 2009-- Standard & Poor's Ratings Services lowered its rating and underlying rating (SPUR) to 'A' from 'A+' on California's $46 billion of general obligation (GO) debt and removed the ratings from CreditWatch with negative implications, where they were placed Dec. 10, 2008. The outlook is stable. At the same time, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5 billion revenue anticipation notes (RANs). The rating on the state's sales tax-supported GO economic recovery bonds (A+/Stable) is not affected. 'The lowered rating reflects our view of the state's inability to reach an agreement on a mid-year budget revision and its rapidly eroding cash position. An agreement on a mid-year budget...
Companies mentioned in this report are: California
Action: Affirmed
Action: Downgraded
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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