Summary: California Department of Veterans Affairs; General Obligation; General Obligation Equivalent Security; Other; Single Family Whole Loan Feb 10

Standard & Poors, February 2010

Abstract
Standard & Poor's Ratings Services revised the rating and underlying rating (SPUR) outlook to negative from stable and affirmed its 'AA-' rating and SPUR on the California Department of Veterans Affairs' (CalVets) veterans home purchase revenue bonds and general obligation (GO) bonds, reflecting the change in the state of California's GO bond rating to 'A-' from 'A'. The ratings are based on our view of the 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 ratings also reflect our view of: The increased risk that the state could potentially seek funds from the 1943 Fund in order to pay other state debt or expenses...

Companies mentioned in this report are: California Dept of Vet Affairs
Action: Affirmed
Action: Outlook: Negative

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California Dept of Vet Affairs

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