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California's GO Bonds Rated 'A'; Structural Deficit Continues To Be An Issue Apr 06
Standard & Poors, April 2006
Abstract
NEW YORK (Standard & Poor's) April 10, 2006--Standard & Poor's Ratings Services assigned its 'A' rating to California's $300 million various-purpose GO bonds and $420 million GO refunding bonds. At the same time, Standard & Poor's affirmed its 'A' rating and underlying rating (SPUR) on the state's roughly $35.6 billion of GO debt, excluding self-supporting GO debt, and economic recovery bonds, which are additionally supported by sales taxes. The outlook is stable based on good near-term cash balances and liquidity, offset by state projections of large and continuing structural operating deficits. 'The rating is constrained by the state's inability to eliminate its structural deficit, despite prosperous economic conditions,' said Standard & Poor's credit analyst David Hitchcock. Gov. Arnold Schwarzenegger's proposal...
Companies mentioned in this report are: California,California Dept of Vet Affairs
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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