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California; Appropriations; General Obligation; General Obligation Equivalent Security; Note; School State Program Mar 10

  • ID: 2049899
  • March 2010
  • Region: California
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'A-' rating to the State of California's $2 billion (estimated) various-purpose general obligation (GO) bonds and affirmed its 'A-' long-term and underlying ratings (SPURs) on California's $63.38 billion of existing GO debt and its 'BBB+' long-term ratings and SPURs on the state's $7.24 billion of appropriation-backed lease revenue bonds. We also affirmed our 'A-' rating on the state's $1.9 billion Proposition 1A receivables program bonds, as well as our 'A-2' rating on the state's $2 billion commercial paper (CP) program. At the same time, we affirmed our 'SP-1' short-term rating on the state's $8.8 billion in revenue anticipation notes (RANs). The outlook is negative. The rating affirmations reflect our view of the state's...

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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- California

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