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Summary: California; Joint Criteria Nov 10 Product Image

Summary: California; Joint Criteria Nov 10

  • ID: 2030083
  • November 2010
  • Region: California
  • Standard & Poors

FEATURED COMPANIES

  • Bank of America N.A.
  • Barclays Bank PLC
  • California
  • JPMorgan Chase Bank N.A.
  • KBC Bank N.V.
  • MORE

Abstract
Standard & Poor's Ratings Services raised its ratings to 'AAA/A-1+' on California's variable rate general obligation (GO) bonds, series 2005 B-3 and B-4 and raised its ratings to 'AAA/A-1' on California's variable rate GO bonds, series 2005 A-3, B-1, and B-6. The rating actions are based on the application of joint-support criteria assuming low correlation between California and the respective banks providing letters of credit (LOCs). Standard & Poor's also assigned its 'A-' underlying ratings (SPURs), 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 $49.1 million series 2005...

Companies mentioned in this report are:
- California
- JPMorgan Chase Bank N.A.
- Barclays Bank PLC
- Bank of America N.A.
- KBC Bank N.V.

Action: New Rating
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance READ MORE >

- California
- JPMorgan Chase Bank N.A.
- Barclays Bank PLC
- Bank of America N.A.
- KBC Bank N.V.

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