Rating Lowered To 'AA+' On California Institute Of Technology's Revenue Bonds Due To Low Financial Resources Sep 11

Standard & Poors, September 2011

Abstract
SAN FRANCISCO (Standard & Poor's) Sept. 7, 2011-- Standard & Poor's Ratings Services lowered its long-term rating to 'AA+' from 'AAA' on California Institute of Technology's (Caltech) various revenue bonds issued by the California Educational Facilities Authority. The outlook is stable. Additionally, Standard & Poor's affirmed its 'A-1+' short-term rating on Caltech's commercial paper (CP) revenue notes. "The lowered rating is based on our view of Catech's financial resource measures that have failed to substantially improve during the past two years and remain inconsistent with the 'AAA' rating category, particularly with the expected issuance of additional debt in the medium term," said Standard & Poor's credit analyst Jessica Matsumori. "Stronger results over time, or substantial growth in investments, would be...

Companies mentioned in this report are: California Institute of Technology,California Ed Fac Auth
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

California Institute of Technology,California Ed Fac Auth

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