Summary: California; Joint Criteria Nov 10
- ID: 2030083
- November 2010
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services raised its ratings to 'AAA/A-1+' on $579.3 million of California's variable rate demand obligation (VRDO) general obligation (GO) bonds based on the replacement of letter of credit (LOC) providers. The ratings on all bonds reflect the application of joint-support criteria based on the low correlation table between California and the respective banks providing the LOCs. We also assigned our 'A-' underlying ratings (SPURs) on these same bonds, reflecting our view of the state's GO pledge on the bonds. The outlook on the SPURs is negative. For more information on California, please refer to the analysis, published Nov. 11, 2010, on RatingsDirect, on our Global Credit Portal. The $171.6 million series 2005 A-1 bonds are being...
Companies mentioned in this report are:
- Royal Bank of Canada
- JPMorgan Chase Bank N.A.
- Barclays Bank PLC
Action: New Rating
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