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California; General Obligation Mar 07
Standard & Poors, March 2007
Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to California's GO refunding bonds and affirmed its 'A+' rating and underlying rating (SPUR) on the state's GO debt. The rating reflects the following: California, with a population of 37 million, has a large and diverse economy that has recently exhibited strong economic growth producing healthy tax revenue increases. The state recorded a small, but positive, GAAP general fund balance as of fiscal year-end 2005, the last audited year. California has a history of uneven financial operations. On a budgetary basis, the state ran large operating deficits from fiscals 2001-2004 and surpluses in 2005 and 2006, with a large operating deficit projected for 2007. The state has a continuing persistent structural...
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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