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California's GO Bnds Rated 'A+', Placed on CreditWatch; Outstg Debt Ratings Remain on Watch Jun 01
Standard & Poors, June 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) June 11, 2001-Standard & Poor's today assigned its single-'A'-plus rating to California's $1 billion GO bonds dated June 1, 2001, due June 1, 2002-2031. The bonds are expected to sell June 12, 2001. The rating is placed on CreditWatch with negative implications. The ratings on California's outstanding debt remain on CreditWatch with negative implications, where they were placed Jan. 19, 2001. The CreditWatch designation reflects the uncertainty regarding the state's ability to sell approximately $12.5 billion of revenue bonds to fund future state power purchases and reimburse the state general fund. The rating reflects the mounting and uncertain cost to the state of the current electrical power crisis, as well as its likely long-term...
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: 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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