- Language: English
- Published: August 2012
Summary: California; Appropriations; General Obligation; General Obligation Equivalent Security; Joint Criteria; School State Program Jul 11
- Published: July 2011
- Standard & Poors
Standard & Poor's Ratings Services revised its outlook on all ratings for California to stable from negative. The negative outlook had been linked to our assessment of the possibility of a recurring cash deficiency. We believe the enactment of the fiscal 2012 budget is likely to mitigate this risk for the most part. In our view, the mixture of solutions in the fiscal 2012 budget employed to achieve budget balance is largely realistic and should clear a path for the state to issue its revenue anticipation notes, thereby helping maintain adequate operating liquidity for the 2012 fiscal year. Because the state has improved the structural alignment between its recurring revenues and expenditures, we now view the state's rating outlook as...
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Action: Outlook: Stable
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