Standard & Poor's Ratings Services assigned its 'A+p' rating to the California State Public Works Board's $136.26 million lease-revenue bonds, series 2004F, issued for the University of California Board of Regents, and its 'A+' rating to the University of California Board of Regents' $16.59 million lease-revenue bonds, series 2004A. The outlook is positive. In addition, Standard & Poor's affirmed its 'AA-' and 'A+' ratings, and 'AA+' underlying rating (SPUR), on the university's outstanding debt. The 'A+' rating reflects: The underlying general creditworthiness of the University of California as lessee and obligor ('AA-'/Positive Issuer Credit Rating); and A legal structure that includes the university's covenant to budget and allocate lease payments, combined with strong statutory protection from nonappropriation. The bonds are...
Companies mentioned in this report are:
- University of California Brd of Regents
- California State Pub Wks Brd
Action: New Rating
Action: Outlook: Positive
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