California; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Sep 12
- Language: English
- Published: September 2012
- Region: California
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...
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