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

Standard & Poors, June 2010

Abstract
Standard & Poor's Ratings Services raised its rating and underlying rating (SPUR) on the California Department of Veterans Affairs' (CalVets) home purchase revenue bonds and veterans general obligation (GO) bonds to 'AA' from 'AA-'. Standard & Poor's also assigned its 'AA' rating to the issuer's veterans GO bonds, series 2010-CF, CG, and CH. The outlook is stable. The revised rating is based on legislation recently passed by the state of California that, in our opinion, reduces the sensitivity of the rating on CalVets' bonds to the state's rating (A-/Negative). The rating on CalVets' bonds is now based primarily on our opinion of the credit strength of the Veterans Farm and Home Building Fund of 1943 (1943 Fund) and the historical...

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

Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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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

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