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California; Tax Secured, General Obligation Feb 04
Standard & Poors, Feb 2004
Abstract
The 'BBB' rating on California's various-purpose GO bonds reflects several years of very large operating deficits, a projected deficit in the current fiscal year's budget, and projections of a large structural gap in future years between ongoing revenues and expenses, absent legislative changes. The state has funded its resulting operating deficits with large levels of short-term debt, which currently mature in June 2004. Specific rating factors include the following: California had a very large fiscal 2003 general fund operating deficit of $5.6 billion, or 7.6% of expenditures, on a budgetary basis of accounting. The 2003 operating deficit pushed the accumulated general fund deficit, on a budgetary basis, to $8.6 billion, or 11.0% of expenditures, at fiscal year-end 2003, according to...
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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