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California; General Obligation; Note Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services affirmed its 'A' ratings and underlying ratings (SPURs) on California's $45.6 billion in general obligation (GO) 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 (RANs). 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 the 'A' rating is our view of several of the state's constitutional and statutory characteristics. We believe that some aspects of state governance, such as the controller's considerable discretion over cash management, serve to strengthen the...
Companies mentioned in this report are: California
Action: Affirmed
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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