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California; General Obligation; Note Apr 09
Standard & Poors, April 2009
Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to the state of California's $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 $52.3 billion of existing GO debt. Finally, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5.00 billion revenue anticipation notes (RANs). Of the current offering, we understand that the state will sell $3.5 billion of the GO bonds as federally taxable Build America Bonds (BABs), pursuant to the American Recovery and Reinvestment Act (ARRA) of 2009. The 'A' long-term ratings and SPURs reflect our view of the state's: Exceptionally large and diverse economy,...
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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