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Summary: California; Tax Secured, General Obligation Apr 05
Standard & Poors, April 2005
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:
Action: New Rating
Action: Outlook: Stable
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