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California's $800 Million GO Bonds Rated 'A'; Outlook Stable Feb 06
Standard & Poors, Feb 2006
Abstract
NEW YORK (Standard & Poor's) Feb. 27, 2006--Standard & Poor's Ratings Services assigned its 'A' rating to California's $800 million various-purpose GO bonds and affirmed its 'A' rating and 'A' underlying rating (SPUR) on the state's roughly $37.7 billion of GO debt, excluding self-supporting general obligation debt or economic recovery bonds, which are additionally supported by sales taxes. The outlook is stable. The sale date is March 1. 'The stable outlook is based on near-term good cash balances and liquidity, offset by state projections of large and continuing structural operating deficits,' said Standard & Poor's credit analyst David Hitchcock. He added: 'The inability to eliminate the structural deficit, despite prosperous economic conditions, keep the rating from being raised.' The governor's...
Companies mentioned in this report are: California
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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