The downgrades and removal from CreditWatch of outstanding debt issued by the University of California Board of Regents, to 'AA-' from 'AA', and California State Public Works Board, to 'A+' from 'AA', as well as the lowering of the board of regents' issuer credit rating, to 'AA-' from 'AA', are based on the effect of the state's budget problems on the system's operations. California provides roughly one quarter of the university's total operating funds, the support of which comes in the form of payments to faculty and other operating and capital support. The outlook remains stable because the system has significant resources to sustain it as the state grapples with a structural budget deficit, and it has historically demonstrated performance...
Companies mentioned in this report are:
- University of California Brd of Regents
Action: Downgraded, Off CreditWatch
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