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California's $4.7B GO Rfdg Bonds Rated 'A+'; Deficits Continue To Offset Prosperous Economy Mar 07
Standard & Poors, March 2007
Abstract
NEW YORK (Standard & Poor's) March 26, 2007--Standard & Poor's Ratings Services assigned its 'A+' rating to California's $4.77 billion GO refunding bonds and affirmed its 'A+' rating and underlying rating (SPUR) on the state's GO debt. The outlook is stable. California has adequate near-term fund balances, although historically volatile revenues and balances are an offsetting factor. The state's inability to wholly eliminate its structural deficit despite prosperous economic conditions remains a credit concern. In addition, debt levels could rise to moderately high, though still manageable, levels if all authorized unissued debt is sold. There are also reasons to believe the current surge in revenues could be of a onetime nature related to strong economic growth and capital gains and...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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