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California's $1.5 Billion Various-Purpose GO Bonds Rated 'BBB' Oct 03
Standard & Poors, Oct 2003
Abstract
NEW YORK (Standard & Poor's) Oct. 22, 2003-Standard & Poor's Ratings Services assigned its 'BBB' rating to California's $1.5 billion various-purpose general obligation bonds and affirmed its 'BBB' rating on the state's outstanding general obligation debt, reflecting several years of very large operating deficits, weaknesses in the current budget, and projections of a large gap in future years between ongoing revenues and expenses, absent legislative changes. The state has funded its resulting accumulated deficit with very large levels of short-term debt. Offsetting factors include the state's large and diverse economy and moderate overall debt burden. The various-purpose general obligation bonds are scheduled to sell Oct. 29. The outlook is stable based on the expectation that the state's fiscal 2004 cash...
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: 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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