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California GO Rtg Raised To 'A', Off Watch, After Elimination of Near-Term Liquidity Pressure Aug 04
Standard & Poors, Aug 2004
Abstract
NEW YORK (Standard & Poor's) Aug. 24, 2004--Standard & Poor's Ratings Services said today it raised its rating on California's $32.8 billion of outstanding general obligation bonds to 'A' from 'BBB' and removed the rating from CreditWatch, where it had been placed March 3. At the same time, Standard & Poor's raised its rating on the state's $7.3 billion of outstanding lease debt to 'A-' from 'BBB-', as well as its rating on $2.6 billion of Golden State Tobacco Securitization Corp. bonds, series 2003B, with general fund support. The upgrades reflect the easing of immediate liquidity pressure on the state following the sale of $11.3 billion of long-term bonds to fund past and current general fund operating deficits from a...
Companies mentioned in this report are: Adelanto Pub Fing Auth,California,San Francisco St Bldg Auth,California Dept of Transportation,California State Pub Wks Brd,California St Univ Trustees,Los Angeles St Bldg Auth,California Comnty Coll Dists,Riverside Cnty Pub Fing Auth,Shafter Jt Pwrs Fing Auth ,Taft Pub Fincg Auth,Sacramento City Fincg Auth,Oakland St Bldg Auth,Golden State Tobacco Securitization Corp,San Bernardino Jt Pwrs Fin Auth
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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