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California; Tax Secured, General Obligation Mar 02
Standard & Poors, March 2002
Abstract
The 'A+' rating on California's GO refunding bonds reflects: A large, diverse, and growing economy of 34 million people, which has been performing better recently than the nation's economy; Prospects for substantial budget shortfalls in fiscals 2002 and 2003, despite a recent midyear fiscal 2002 budget cut of $2.2 billion, with large structural deficits likely continuing for the foreseeable future because of the magnitude of onetime revenue measures in the governor's proposed 2003 budget; A recently weakened general fund cash position, exacerbated by the state's difficulties in selling power revenue bonds to reimburse the general fund for $6.1 billion of power purchases; however, cash flow is helped by the availability of substantial amounts of other internally borrowable funds; Debt levels...
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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