California's $800M Bonds Rated 'A+'; Deficit Still A Concern, Revenue Surge Might Be Anomaly Aug 06

Standard & Poors, August 2006

Abstract
NEW YORK (Standard & Poor's) Aug. 28, 2006--Standard & Poor's Ratings Services assigned its 'A+' standard long-term rating, and stable outlook, to California's $800 million various-purpose GO bonds and affirmed its 'A+' standard long-term rating and underlying rating (SPUR), with a stable outlook, on the state's GO debt. The bonds are scheduled to sell on Sept. 7. The state recorded a small, but positive, GAAP general fund balance as of fiscal year-end 2005, the last audited year. California has a history of uneven financial operations. On a budgetary basis, the state ran large operating deficits from fiscals 2001-2004 and a small surplus in 2005. The deficits were met with an $11.3 billion deficit bond issue and $7.2 billion of accounting...

Companies mentioned in this report are:
- California
- California Dept of Vet Affairs

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

- California
- California Dept of Vet Affairs

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