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California Institute of Technology's Tax-Exempt CP Notes Assigned 'A-1+' Rating Jul 09
Standard & Poors, July 2009
Abstract
SAN FRANCISCO (Standard & Poor's) July 24, 2009--Standard & Poor's Ratings Services assigned its 'A-1+' short-term rating to California Educational Facilities Authority's tax-exempt commercial paper (CP) revenue notes issued for the California Institute of Technology (Caltech). 'The rating on Caltech's tax-exempt CP notes and outstanding unenhanced variable-rate demand bonds, series 1994 and 2006, is based on our view of the university's committed sources of funds, including its fixed income, cash, and eligible equity investments supporting these obligations,' said Standard & Poor's credit analyst Carlotta Mills. As of June 30, 2009, Caltech's endowment was around $1.4 billion, approximately $500 million of which was in cash, fixed-income and equity assets. We understand that in order to further support its self-liquidity, Caltech also...
Companies mentioned in this report are: California Institute of Technology
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: 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.
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