Summary: California Infrastructure And Economic Development Bank, University Of California Board Of Regents; Lease May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' long-term rating on the California Infrastructure and Economic Development Bank's series 2010A and 2010B revenue bonds, issued on behalf of the University of California Board of Regents for the Neurosciences Project at the University of California San Francisco (UCSF). The outlook is stable. The 'AA-' rating reflects our view of: The strong underlying credit characteristics of the UC system ('AA' general revenue bond rating); A lease financing structure with lease rental payments subject to annual budgeting and allocation; and Adequate lease security provisions. For additional information on the University of California System, please see the article published Nov. 24, 2010, on RatingsDirect. The stable outlook reflects our expectation that the university system's...

Companies mentioned in this report are: University of California Brd of Regents,California Infrastructure & Econ Dev Bnk
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

University of California Brd of Regents,California Infrastructure & Econ Dev Bnk

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