[Robert357]

So Fitch is saying that the RAN's are likely to be paid by RAW's, since the state will have no money. Ouch! June 20 and June 23rd should be critical days for these power obligation required RAN's to be repaid. Also note how this is impacting regional bonding authorities.

The most recent estimate is that a gap of almost $35 billion exists for the remainder of this year and fiscal 2004

It just keeps getting bigger and bigger and bigger and bigger........

[Robert357]

The train wreck is starting!

So Fitch lowered the State's bond ratings. But perhaps more telling, said that the State is not likely to be able to pay off the RAN's that are outstanding except by heroic short term borrowing.

Snopercod has been a big follower of State RAN & RAW debt. Remember how Connell, who won't be there, lectured the legislature that the state was facing a critical cashflow crisis unless they did certain things so she could pay off short term borrowings? Well, Fitch appears to be saying that the State is in for some real cash flow issues in the coming months.

[Centurion2000]

burn baby burn ..... too bad my father won't get out of it, but America needs a total object lesson in the follies of communism. California is rushing headlong into the train wreck.

[snopercod]

Kathleen Connell must be laughing her a$$ off at all this. She was the only democrat of integrity during this whole fiasco.

I hereby award her the Kathleen Harris Medal of Heroism for telling the truth in a blizzard of bovine fecal debris spewing from Gray Davis.

[Grampa Dave]

Kalifornicator's Bonds RAN RAW!

[dennisw]

Can you say Federal loan guarantees? I knew you could!