The 'AA-' ratings on California's Veterans GO bonds and the California Department of Veterans Affairs' home purchase revenue bonds are affirmed following a placement of California's GO bond rating of 'A' on CreditWatch with negative implications. The rating on the Veterans GO bonds and home purchase revenue bonds continues to reflect the overall credit strength of the Veterans Farm and Home Building Fund of 1943 (1943 Fund) and the historical track record of the veterans mortgage program. Standard & Poor's Ratings Services will continue to monitor the relationship between the veterans mortgage programs and the state's cash flow. Credit strengths of the 1943 Fund include: The overall quality of the contracts of purchase and investment securities; The successful implementation by...
Companies mentioned in this report are:
- California Dept of Vet Affairs
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >