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California's $3.5 Billion Build America Bonds And $1.5 Billion Taxable GO Bonds Assigned 'A' Rating; Outlook Stable Apr 09
Standard & Poors, April 2009
Abstract
SAN FRANCISCO (Standard & Poor's) April 14, 2009-- Standard & Poor's Ratings Services assigned its 'A' long-term rating to the state of California's series $5.00 billion various purpose general obligation (GO) bonds (federally taxable). At the same time, Standard & Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the state's $62.66 billion of existing GO debt ($10.50 billion of which is paid first from special revenue funds). Finally, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5.00 billion revenue anticipation notes (RANs). The outlook is stable. Of the current offering, we understand that the state will sell $3.5 billion of the series GO bonds as federally taxable Build America Bonds (BABs), pursuant to the...
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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