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

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

  • Published: August 2006
  • Region: California
  • Standard & Poors

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 READ MORE >

- California
- California Dept of Vet Affairs

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