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California; Tax Secured, General Obligation Nov 04
Standard & Poors, Nov 2004
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's $782 million various-purpose GO bonds and affirmed its 'A' rating on the state's roughly $33.9 billion of outstanding GO debt, not including self-supporting GO debt or Economic Recovery Bonds, which are additionally supported by sales taxes. The rating reflects the state's: Very large and diverse economy, which has shown recent signs of growth; Large consecutive general fund operating deficits beginning in fiscal 2001 and extending through the fiscal 2005 budget, if deficit debt financing is excluded; Ability to issue approximately $3 billion of long-term bonds to fund past, current, and future general fund operating deficits--the remaining portion of a $15 billion March 2004 voter authorization; and Projections of a...
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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