Summary: California; General Obligation; Note - 2009/11/02 - S&P Credit Research

Report title: Summary: California; General Obligation; Note

from S&P Credit Research
3750 word report published Nov 02, 2009

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Abstract:

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 (CP). Finally, Standard&Poor's affirmed its 'SP-1' short-term rating on the state's $8.8 billion revenue anticipation notes (RAN). The ratings reflect our view that although the state's economy could be in the early stages of recovery from recession, significant revenue improvement may lag other technical measures of expansion. Given the importance of personal

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RESEARCH Ratings Definitions Summary: California; General Obligation; Note Publication date: 02-Nov-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco (1) 415-371-5042; gabriel_petek@standardandpoors.com Secondary Credit...

Report Type:

Summary

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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