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California's $4.5B GO Bonds Rated 'A' On Economic Depth And State Cash Management; Outlook Negative Oct 09
Standard & Poors, Oct 2009
Abstract
SAN FRANCISCO (Standard & Poor's) Oct. 2, 2009--Standard & Poor's Ratings Services assigned its 'A' long-term rating to the State of California's approximately $4.5 billion various-purpose general obligation (GO) bonds (federally taxable), GO refunding bonds (federally taxable), and various-purpose GO bonds (tax-exempt). At the same time, Standard & Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the state's $67.06 billion of existing GO debt. Finally, Standard & Poor's affirmed its 'SP-1' short-term rating on the state's $8.8 billion revenue anticipation notes (RAN). The outlook is negative. 'The 'A' long-term rating and SPUR generally reflect our view of the state's exceptionally large and diverse economy, with a state GDP equivalent to 12.8% of U.S. GDP; economy and revenue...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Negative
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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