S&P rates California GO bonds 'A'
Aug 19 (Reuters) - Standard & Poor's Ratings Services on Monday assigned its single-A, long-term rating to California's estimated $205 million in various-purpose general obligation bonds and $557.33 million in various-purpose general obligation refunding bonds.
"The stable outlook on all ratings reflects our view of the state's credit quality in light of a stronger budgetary and cash position, both on a current and projected basis," S&P said.
The single-A rating is supported by the state's diverse economy, its payments to lower budgetary debt, timely budget enactments, and moderately high but conservatively structured, bonded debt, the company said.
S&P also affirmed California's single-A long-term debt, and underlying debt ratings.