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California; General Obligation Jun 07
Standard & Poors, June 2007
Abstract
Standard & Poor's Ratings Services revised its rating outlook on California's GO debt to positive from stable based on the state's achievement of a positive GAAP unreserved general fund balance in fiscal 2006, the first positive unreserved balance in a number of years; the expected rapid paydown of 2004 deficit financing bonds; and the expectation that fiscal 2007 fund balances will end ahead of budget due to strong economic performance. In addition to the outlook revision, Standard & Poor's assigned its 'A+' rating to California's $2.5 billion various-purpose GO bonds and affirmed its 'A+' rating and underlying rating (SPUR) on the state's GO debt. In the governor's May budget revision it is estimated that the state will end fiscal 2007...
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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