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California; General Obligation, State GO Aug 99
Standard & Poors, Aug 1999
Abstract
The upgrade on California's GO debt reflects the state's strong economic performance and a return to structural fiscal balance as demonstrated by: Fiscal 1998's positive GAAP general fund balance, A continued positive budgetary basis fund balance at the end of fiscal 1999, and Conservative budgeting in the adopted fiscal 2000 state budget. The 2000 budget was adopted on time for the first time in a number of years and includes economic assumptions more conservative than that of most outside forecasters, as well as about $1.7 billion in onetime expenses, and, in addition, eliminates prior years' reliance on unlikely federal aid. Additionally, the rating reflects the following strengths: A strong, diversified, and growing economy that has demonstrated resilience in light of...
Companies mentioned in this report are: California
Action: Upgraded
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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