California has the second highest bond debt burden among the nation's largest states, a new report by state Treasurer Bill Lockyer says.
The "2010 Debt Affordability Report" says that California voters have authorized $130.1 billion in general obligation bonds, of which $68.8 billion have been issued, and servicing those bonds consumes 6.89 percent of the state's general fund revenues.
Whether measured by ratio of debt to personal income, debt per capita or debt as a percentage of the state's economic output, California's debt burden is second only to New York's among the 10 most populous states. By all of those measures, California's bonded debt is more than twice as high as the average among the 10 states. Texas has the lowest debt load.
Accordingly, California has the nation's lowest state credit rating and states with low debt loads, such as Texas, have relatively high credit ratings.
The full report can be found here.