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California's GO Bond Rating Raised to `AA-' from `A+'; Outlook Revised to Stable from Positive Aug 99
Standard & Poors, Aug 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) Aug. 10, 1999--Standard & Poor's today raised its rating on California's GO debt to double-'A'-minus from single-'A'-plus. The rating action affects $19.8 billion GO bonds. Additionally, Standard & Poor's revised the outlook on the state's bonds to stable from positive. The upgrade reflects California'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...
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: 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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