California's $1.5 Billion Series 2009 Revenue Bonds Assigned 'A' Rating; Outlook Negative - 2009/11/03 - S&P Credit Research

Report title: California's $1.5 Billion Series 2009 Revenue Bonds Assigned 'A' Rating; Outlook Negative

from S&P Credit Research
993 word report published Nov 03, 2009

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Abstract:

SAN FRANCISCO (Standard&Poor's) Nov. 3, 2009--Standard&Poor's Ratings Services assigned its 'A' long-term rating to the California Statewide Communities Development Authority's (CSCDA) $1.5 billion (estimated) in series 2009 revenue bonds issued for the State of California's Proposition 1A receivables program. The bonds are being issued pursuant to Proposition 1A, a voter-approved constitutional amendment, and to two statutes adopted by the state legislature and enacted into law in July and October 2009. "Our rating on the series 2009 revenue bonds reflects our view of the credit quality of the State of California, as indicated in our rating on the state's GO bonds; what we consider to be strong constitutional and statutory provisions obligating the state to pay the

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RESEARCH Ratings Definitions California's $1.5 Billion Series 2009 Revenue Bonds Assigned 'A' Rating; Outlook Negative Publication date: 03-Nov-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco (1) 415-371-5042; gabriel_petek@standardandpoo...

Report Type:

Ratings Action

Issuer:

California

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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