California's $750 Million Various-Purpose GO Bonds Rated 'A' On Large, Diverse Economy - 2009/11/02 - S&P Credit Research

Report title: California's $750 Million Various-Purpose GO Bonds Rated 'A' On Large, Diverse Economy

from S&P Credit Research
1081 word report published Nov 02, 2009

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Abstract:

SAN FRANCISCO (Standard&Poor's) Nov. 2, 2009--Standard&Poor's Ratings Services assigned its 'A' long-term rating to the State of California's approximately $750 million various-purpose general obligation (GO) bonds (federally taxable Build America Bonds (BAB)). At the same time, Standard&Poor's affirmed its 'A' long-term and underlying ratings (SPUR) on the state's $58.53 billion of existing GO debt. In addition, we affirmed our 'A-1' rating on the state's GO commercial paper. Finally, Standard&Poor's affirmed its 'SP-1' short-term rating on the state's $8.8 billion revenue anticipation notes (RAN). "The 'A' long-term rating and SPUR generally reflect our view of the state's exceptionally large and diverse economy, with a state GDP equivalent to 12.8% of U.S. GDP; economy

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RESEARCH Ratings Definitions California's $750 Million Various-Purpose GO Bonds Rated 'A' On Large, Diverse Economy Publication date: 02-Nov-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco (1) 415-371-5042; gabriel_petek@standardandpoors....

Report Type:

Ratings Action

Issuer:

California

Sector:

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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