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California State University Rtgs Off CreditWatch and Lowered to 'A-' and 'BBB+' On State Ties Jul 03
Standard & Poors, July 2003
Abstract
SAN FRANCISCO (Standard & Poor's) July 31, 2003--Standard & Poor's today removed from CreditWatch and lowered the rating on outstanding debt issued by and for the California State University (CSU) by one notch, to 'A-' on the revenue bonds and housing system bonds, and to 'BBB+' on the campuses, to reflect the impact of the state's budget problems on the system's operations. The outlook is negative. 'The State of California provides roughly one-half of the university's total operating funds, support which comes in the form of payments to faculty and other operating and capital support,' said credit analyst Carlotta Mills. She added, 'the outlook is negative due to the uncertainty about future state cuts to the CSU's budget and how...
Companies mentioned in this report are: California St Univ,California St Univ Sacramento,California St Univ San Diego
Action: Downgraded, Off CreditWatch
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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