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University Of California Board Of Regents; Appropriations; Lease; Public Coll/Univ - Unlimited Student Fees Mar 09 Product Image

University Of California Board Of Regents; Appropriations; Lease; Public Coll/Univ - Unlimited Student Fees Mar 09

  • Published: March 2009
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the California State Public Works Board's (PWB) outstanding lease revenue bonds, issued on behalf of the University of California Board of Regents. The rating reflects our view of the regents' obligation to make rental payments to the PWB, equal to debt service, from lawfully available funds. The rating also reflects our view of the underlying general creditworthiness of the University of California ('AA' issuer credit rating (ICR)) as lessee and obligor, and a structure that includes the regents' covenant to budget and allocate lease payments, coupled with strong statutory protection from non-appropriation. The issuance of PWB leases is a major source of financing for the...

Companies mentioned in this report are:
- California
- California State Pub Wks Brd
- University of California Brd of Regents

Action: Affirmed

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- California
- California State Pub Wks Brd
- University of California Brd of Regents

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