Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to the California State Public Works Board's (SPWB) $913 million series 2012A lease revenue bonds issued for various capital projects. The bonds are being issued by the SPWB on behalf of the state of California. Standard & Poor's also affirmed its 'BBB+' long-term rating and underlying rating (SPUR) on approximately $8.07 billion of California's SPWB lease revenue and lease revenue refunding bonds outstanding (which excludes $2.47 billion of lease-revenue bonds issued by the SPWB for the Regents of the University of California projects). The outlook on the ratings is positive. The ratings reflect our opinion of the state's: Underlying general creditworthiness (A-/Positive general obligation, or GO, rating) and Indenture provisions...
Companies mentioned in this report are:
- California State Pub Wks Brd
Action: New Rating
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