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California; Tax Secured, General Obligation Oct 01
Standard & Poors, Oct 2001
Abstract
The rating on California's GO bonds reflects: A large, diverse, and growing economy of 34 million people, which has been recently performing better than the nation; The impact on the state's general fund of $6.1 billion of purchases of electrical power to avoid blackouts, and the economic fallout of the state's energy crisis; Prospects for substantial budget shortfalls in fiscal 2002, which will likely exceed the size of budgetary reserves and pressure the upcoming fiscal 2003 budget; A positive general fund cash position, boosted by the recent sale of $5.7 billion of general fund cash flow notes--the state projects having the capacity to retire the notes at maturity without a refinancing, although this might nearly deplete its other internally borrowable...
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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