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California Infrastructure & Economic Development Bank J. Paul Getty Trust; Non-Profit Organizations Nov 11
Standard & Poors, Nov 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to the California Infrastructure and Economic Development Bank's approximately $275 million series 2011A-1, 2011A-2, 2011A-3, and 2011A-4 variable rate refunding revenue bonds, issued for the J. Paul Getty Trust (the Getty). We also affirmed our various 'AAA' and 'AAA/A-1+' ratings on the Getty's outstanding debt. On Dec. 1, 2011, we expect to change our rating to 'AAA/A-1+' from 'AAA' on the $34.225 million series 2004A bonds to reflect a mode conversion to daily variable-rate demand bonds (VRDBs) from a fixed-rate mode. The outlook on the long-term ratings is stable. The Getty will have $614 million of debt outstanding as of Dec. 1, 2011. All debt, including these series 2011 bonds, is...
Companies mentioned in this report are: J. Paul Getty Trust (The),California Infrastructure & Econ Dev Bnk
Action: New Rating
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: Full Analysis
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