Summary: California; Appropriation, General Obligation Equivalent Security; Housing, Other; Housing, Single Family Whole Loan Jul 03

Standard & Poors, July 2003

Abstract
Standard & Poor's Ratings Services has lowered its ratings on California's Veterans GO bonds and the California Department of Veterans Affairs' home purchase revenue bonds to 'A' from 'AA-', reflecting the change in California's GO bond rating to 'BBB' from 'A'. 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. The 1943 Fund retains the following credit strengths: The overall high quality of the contracts of purchase and investment securities, The successful implementation by management of programmatic changes that effectively reduce the risk of losses under the program...

Companies mentioned in this report are:
- California
- California Dept of Vet Affairs

Action: Downgraded

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.

- California
- California Dept of Vet Affairs

Customers who bought this item also bought

• Called to Serve. A Handbook on Student Veterans and Higher Education
• Creating a Veteran-Friendly Campus: Strategies for Transition and Success. New Directions for Student Services, Number 126. J-B SS Single Issue Student Services
• Veterans in Higher Education: When Johnny and Jane Come Marching to Campus. ASHE Higher Education Report, Volume 37, Number 3. J-B ASHE Higher Education Report Series (AEHE)
• Federal Directory
• Marginalized Students. New Directions for Community Colleges, No. 155. J-B CC Single Issue Community Colleges
• Government Sector
• The New York State Directory 2011/12 Edition
• Working Americans 1880-2012 Volume I: The Working Class, Second Edition
• The Integrated Physical Security Handbook II Second Edition (5-Step Process to Assess and Secure Critical Infrastructure From All Hazards Threats)
• The Survey of Academic Library Subject Specialists: Political Science, Public and International Affairs