|
|
 |
|
Viewing report
|
|
|
|
California; Tax Secured, General Obligation Apr 05
Standard & Poors, April 2005
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to California's $980.29 million GO refunding bonds and affirmed its 'A' rating on the state's roughly $34.4 billion of GO debt outstanding. This amount does not include self-supporting GO debt or economic recovery bonds, which are additionally supported by sales taxes. The rating reflects: A very large and diverse economy that has shown recent signs of growth; Large consecutive general fund operating deficits, on a budgetary basis of accounting, beginning in fiscal 2001 and extending through the proposed fiscal 2006 budget if deficit debt financing is excluded; The state's ability to issue approximately $3.7 billion of long-term bonds to fund past, current, and future general fund operating deficits--the remaining portion of...
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
|
|
|
|
