S&P Rates Calif, s Upcoming Rans Sale SP-1

Saskal, Rich
September 2004
Bond Buyer;9/15/2004, Vol. 349 Issue 31969, p29
Trade Publication
The article reports that Standard & Poor's Corp. yesterday assigned its SP-1 short-term rating to California's forthcoming sale of $6 billion in revenue anticipation notes. The action marks another sign that the state's financial concerns have abated somewhat, thanks to the sale of $11 billion in deficit bonds last year, which quelled a possible liquidity crisis. This time, the state obtained Standard & Poor's SP-1 rating without enhancement, due to the bond sales and more than $3 billion in deficit-bond authorization it still has in reserve, said analyst David Hitchcock.


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