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California; Tax Secured, General Obligation Feb 03
Standard & Poors, Feb 2003
Abstract
The 'A' long-term GO bond rating on California reflects: The state's large, diverse, and growing economy of 34.8 million people, experiencing employment performance similar to the nation, although state personal income growth continues to lag. An expected big general fund deficit in fiscal 2003. The state projects a large $7.8 billion general fund operating deficit in fiscal 2003, absent midyear budget adjustments, plus an accumulated carryover budgetary basis general fund balance deficit of $2.1 billion from fiscal 2002. The potential $9.9 billion shortfall at fiscal end 2003, assuming no midyear budget adjustments, would equal 14% of projected 2003 revenues of $70.1 billion. An enormous $34.6 billion budget gap projected for fiscal 2004, representing the cumulative fiscal 2003 and 2004 shortfall...
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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