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Summary: California; General Obligation; Note Apr 09 Product Image

Summary: California; General Obligation; Note Apr 09

  • ID: 2050275
  • April 2009
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to the state of California's $5.00 billion various purpose general obligation (GO) bonds (federally taxable). At the same time, Standard & Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the state's $52.3 billion of existing GO debt. Finally, Standard & Poor's affirmed its 'SP-2' short-term rating on the state's $5.00 billion revenue anticipation notes (RANs). Of the current offering, we understand that the state will sell $3.5 billion of the GO bonds as federally taxable Build America Bonds (BABs), pursuant to the American Recovery and Reinvestment Act (ARRA) of 2009. The 'A' long-term ratings and SPURs reflect our view of the state's: Exceptionally large and diverse economy,...

Companies mentioned in this report are:
- California

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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