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Summary: California; Tax Secured, General Obligation Feb 02

  • ID: 2050049
  • February 2002
  • Region: California
  • Standard & Poors
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Abstract
The 'A+' rating on California's GO bonds reflects: A large, diverse, and growing economy of 34 million people, which has been performing better recently than the nation's economy; Prospects for substantial budget shortfalls in fiscals 2002 and 2003, despite a recent midyear fiscal 2002 budget cut of $2.2 billion, with structural deficits likely continuing for the foreseeable future because of the large number of onetime revenue measures in the governor's proposed 2003 budget; A recently weakened general fund cash position, exacerbated by the state's difficulties in selling power revenue bonds to reimburse the general fund for $6.1 billion of power purchases; however, cash flow is helped by the availability of substantial amounts of other internally borrowable funds; Debt levels that...

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 READ MORE >

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- California

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