Bloomberg News

California May Sell as Much as $2 Billion in Bonds

February 20, 2013

California (STOCA1:US) is looking to sell from $1 billion to $2 billion of general-obligation bonds in coming months, the first offerings since the most indebted state had its credit rating raised by Standard & Poor’s.

Treasurer Bill Lockyer has placed two general-obligation and two public works offerings on his Spring calendar, though amounts and specific dates have yet to be determined, he said in an interview on Bloomberg Television’s “Money Moves with Deirdre Bolton.” He said the size of the general-obligation sales will depend on the needs of state agencies.

California’s credit rating on its general-obligation bonds was raised one level to A by S&P on Jan. 31. The first boost since 2006 came as tax increases championed by Democratic Governor Jerry Brown and spending reductions bolstered the state’s fiscal outlook.

To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net

To contact the editor responsible for this story: William Glasgall at wglasgall@bloomberg.net


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