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California 'A' Ratings Are Affirmed With Stable Outlook After Adoption Of Budget Act Mar 09
Standard & Poors, March 2009
Abstract
SAN FRANCISCO (Standard & Poor's) March 11, 2009--Standard & Poor's Ratings Services said today it affirmed its 'A' ratings and underlying ratings (SPURs) on California's $45.6 billion in general obligation debt. The outlook remains stable. At the same time, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5 billion revenue anticipation notes. The affirmation follows the adoption of the 2009 budget act that addresses a $41.6 billion budget deficit spanning the remainder of fiscal 2009 and fiscal 2010. The rating reflects our view of the state's: -- Large and diverse economy with a gross state product equivalent to approximately 13% of U.S. gross domestic product; and -- Conservatively structured and moderate existing debt burden. 'Also reflected in...
Companies mentioned in this report are: California
Action: Affirmed
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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