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California Bankruptcy Odds 1 in 4 Within Five Years
What are the odds that California defaults on its debt payments? Using the market for credit insurance as a guide, one in four within five years. Those are amazing odds, signalling that those who buy insurance on debt think that the federal government will allow California to fail where it thought that AIG and Citigroup simply had to be rescued.
In the past month, rating agencies have warned that California’s $24 billion budget shortfall for the fiscal year beginning in July threatens its credit ratings — its mark of A already makes it the lowest-rated state in the U.S. on Standard & Poor’s…
25Jun2009 | The Real Deal | 0 comments | Continued
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