California Department of Veterans Affairs' GO and Home Purchase Rev Bonds Lowered to 'A' Jul 03

Standard & Poors, July 2003

Abstract
SAN FRANCISCO (Standard & Poor's) July 25, 2003--Standard & Poor's Ratings Services said today that it lowered its ratings to 'A' from 'AA-' on California's Veterans GO bonds and the California Department of Veterans Affairs' home purchase revenue bonds, reflecting the change in California's GO bond rating to 'BBB' from 'A'. The outlook on all bonds is stable. 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's credit strengths include high-quality contracts of purchase and investment securities, resilient cash flow projections, and management's successful implementation...

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- California
- California Dept of Vet Affairs

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