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California's $980M GO Refunding Bonds Rated 'A' Apr 05
Standard & Poors, April 2005
Abstract
NEW YORK (Standard & Poor's) April 4, 2005--Standard & Poor's Ratings Services assigned its 'A' rating to California's $980.29 million general obligation refunding bonds and affirmed its 'A' rating on the state's roughly $34.4 billion of general obligation debt outstanding. This amount does not include self-supporting general obligation debt or economic recovery bonds, which are additionally supported by sales taxes. The rating reflects a very large and diverse economy that has shown recent signs of growth; large consecutive general fund operating deficits, on a budgetary basis of accounting, beginning in fiscal 2001 and extending through the proposed fiscal 2006 budget if deficit debt financing is excluded; and the state's ability to issue approximately $3.7 billion of long-term bonds to fund...
Companies mentioned in this report are: California
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.
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