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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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California's GO Rating Outlook Revised To Positive On Better-Than-Budgeted Fund Balances |
NEW YORK June 11, 2007 - Standard & Poor's Ratings Services revised its rating outlook on California's GO debt to positive from stable based on the state's achievement of a positive GAAP unreserved general fund balance in fiscal 2006, the first positive unreserved balance in a number of years; the expected rapid paydown of 2004 deficit financing bonds; and the expectation that fiscal 2007 fund balances will end ahead of budget due to strong economic performance.
In addition to the outlook revision, Standard & Poor's assigned its 'A+' rating to California's $2.5 billion various-purpose GO bonds and affirmed its 'A+' rating and underlying rating (SPUR) on the state's GO debt.
Gov. Arnold Schwarzenegger's fiscal 2008 revised May budget proposal reflects a positive budgetary basis balance at fiscal year-end despite a large general fund balance drawdown. A structural deficit remains, although slightly smaller than the fiscal 2007 figure.
"We expect California to pass a final 2008 budget with ending fund balances similar to the governor's proposal," said Standard & Poor's credit analyst David Hitchcock. "If the state is able to maintain positive unreserved GAAP and projected budgetary basis balances over the next year, or implement a meaningful midyear budget adjustment mechanism, the rating could be raised."
In the governor's May budget revision it is estimated that the state will end fiscal 2007 with a combined general fund plus budget stabilization reserve of $3.7 billion on a budgetary basis, or 3.6% of adjusted expenditures, which is slightly better than the reserve of $2.1 billion, or 2.1% of adjusted expenditures, in the originally enacted budget. However, the revised May budget proposal also reflects a further decrease in reserves plus the stabilization fund to $2.2 billion, or 2.1% of adjusted expenditures, at fiscal year-end 2008. In addition, it contains proposals for a modest number of new onetime measures, such as the sale of a student loan guarantor for $1 billion and a tobacco bond restructuring for $600 million, while withdrawing some other onetime proposals.
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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