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California State Public Works Board University of California Board of Regents; Appropriations; Lease; Public Coll/Univ - Unlimited Student Fees Feb 08
Standard & Poors, Feb 2008
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to the California State Public Works Board's (PWB) $254 million series 2008A, $25 million series 2008B, and $14 million series 2008C lease revenue bonds, issued for The Regents of the University of California. The 'AA-' rating assigned to the lease revenue bonds reflects the Regents' obligation to make rental payments to the PWB, equal to debt service, from lawfully available funds. The 'AA-' rating also reflects the underlying general creditworthiness of the University of California as lessee and obligor, with a 'AA' issuer credit rating (ICR); and a legal structure that includes the regents' covenant to budget and allocate lease payments, coupled with strong statutory protection from non-appropriation. The issuance of...
Companies mentioned in this report are: University of California Brd of Regents,California State Pub Wks Brd
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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