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California State Public Works Board, University Of California Board Of Regents; Lease Mar 10
Standard & Poors, March 2010
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to the California State Public Works Board's (SPWB) $215 million series 2010C-1 and 2010C-2 and $49 million series 2010D lease revenue bonds, issued on behalf of the Regents of the University of California. The rating reflects our view of the regents' obligation to make rental payments to the SPWB, equal to debt service, from lawfully available funds. In addition, Standard & Poor's affirmed its 'AA-' long-term and underlying rating (SPUR) on the regents' outstanding lease revenue debt. The outlook is stable. The 'AA-' long-term rating also reflects our opinion of the underlying general creditworthiness of the University of California as lessee and obligor, with an 'AA' issuer credit rating (ICR)...
Companies mentioned in this report are: University of California Brd of Regents,California State Pub Wks Brd,University of California
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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