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California's GO and General Fund Appropriation-Backed Debt Ratings Placed on Watch, Negative Jan 01
Standard & Poors, Jan 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) Jan. 19, 2001-- Standard & Poor's today placed California's GO and general fund appropriation-backed debt ratings on CreditWatch with negative implications. The CreditWatch placement results from uncertainties surrounding the ability of the state to fashion a long-term solution to its power supply crisis and the ensuing financial effect. The possible necessity of continuing to purchase power on a long-term basis to avoid blackouts could substantially affect the state's currently ample general fund balance. While the state legislature's emergency appropriation on Jan. 17 of $400 million of general fund money to buy power does not in itself jeopardize the state's double-'A' GO credit rating, the potential exists for substantially greater ongoing appropriations. Standard & Poor's...
Companies mentioned in this report are: California
Action: On CreditWatch:Negative
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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