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California; General Obligation; General Obligation Equivalent Security; School State Program Nov 10
Standard & Poors, Nov 2010
Abstract
Standard & Poor's Ratings Services assigned its 'A-' rating to California's estimated $1.75 billion various purpose general obligation (GO) bonds and $2.0 billion of various purpose taxable GO bonds. We understand that the taxable GO bonds will be issued primarily as Build America Bonds (BABs), pursuant to the American Recovery and Reinvestment Act (ARRA) of 2009. We also affirmed our 'A-' long-term and underlying ratings (SPUR) on California's $68.1 billion of existing GO debt. In addition, we affirmed our 'A-' rating on the state's $1.9 billion Proposition 1A receivables program bonds. The outlook on all ratings is negative. The ratings are affirmed following the state's Oct. 8, 2010 adoption of a $125.3 billion total budget -- $86.6 billion for the...
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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