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California's $1B GO And GO Refunding Bonds Rated 'A'; Outlook Stable Sep 05
Standard & Poors, Sep 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 1, 2005--Standard & Poor's Ratings Services assigned its 'A' rating to California's $1 billion general obligation and general obligation refunding bonds and affirmed its 'A' rating on the state's roughly $34.6 billion of general obligation debt outstanding, not including self-supporting general obligation debt or economic recovery bonds, which are additionally supported by sales taxes. The outlook is stable based on the state's elimination of near-term liquidity pressures following the sale of long-term deficit funding bonds in fiscal 2004 and the receipt of temporary windfall tax amnesty cash in fiscal 2005, offset by the expectation of large continuing operating deficits absent deficit financing and the projected need to refund much of the tax amnesty deposits....
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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