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California; Appropriation, Appropriation; Tax Secured, General Obligation Jun 03
Standard & Poors, June 2003
Abstract
The 'A' rating on California's various purpose GO bonds reflects the following: The state's large, diverse, and growing population (35.3 million), which is experiencing employment performance similar to the nation, although state personal income growth continues to lag. An expected large general fund operating deficit in fiscal 2003, following a $3.5 billion accumulated general fund deficit at fiscal year-end 2002 on a GAAP basis. Gov. Gray Davis' May budget proposal projected a large $7.3 billion general fund budgetary basis operating deficit for fiscal 2003, excluding an accrual for a proposed $10.7 billion pension bond to sell in 2004. The potential fund balance deficit in 2003 is expected, in percentage terms, to exceed that of the state's fiscal crisis of the...
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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