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California; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to California's estimated $1.8 billion tax-exempt and $200 million taxable various-purpose general obligation (GO) bonds and $132.89 million taxable GO remarketing Build America Bonds. At the same time, we affirmed our 'A-' long-term rating and underlying rating (SPUR) on California's previously issued GO debt and Proposition 1A bonds. The outlook on all ratings is stable. The ratings reflect our view of the state's: Economic depth and diversity, as well as its prominent higher-education institutions, which attract and generate businesses in innovative sectors, helping to position California as a leading venture capital recipient state; and Improved liquidity compared with recent years and significant cash disbursement flexibility, which enable the state's financial...
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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