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California; General Obligation, State GO Dec 99
Standard & Poors, Dec 1999
Abstract
The rating on California's bonds reflects the following strengths: A strong, diversified, and growing economy that has demonstrated resilience in light of weaknesses in Asia, which is one of California's key export markets; Recent trends of a positive fiscal 1998 GAAP general fund balance, a continued positive budgetary basis fund balance at the end of fiscal 1999, and conservative budgeting in the adopted fiscal 2000 state budget; and Debt levels that are expected to remain moderate despite the authorization of $9.2 billion in additional GO bonds for local schools and higher education. The rating is offset by the following weaknesses: Reserve levels that are relatively small, particularly as measured against the size of the state budget, in light of slight...
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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