Summary: California Infrastructure And Economic Development Bank, California; School State Program Mar 10

Standard & Poors, March 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to the California Infrastructure and Economic Development Bank's series 2010 state school fund apportionment lease revenue bonds (King City Joint Union High School District financing), issued on behalf of the state of California. The outlook is negative. The rating reflects our view of the credit quality of the state of California ('A-/Negative' general obligation [GO] rating). Specific program credit factors include our view of: An automatic intercept mechanism authorized by state statutes whereby the state controller intercepts certain state school aid apportioned to the district and remits it directly to the bond trustee for debt service before distribution to the district; Continuing appropriation legislation that allows for the appropriation of...

Companies mentioned in this report are:
- California
- California Infrastructure & Econ Dev Bnk
- South Monterey Cnty Jt Un High Sch Dist

Action: New Rating
Action: Outlook: Negative

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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 Infrastructure & Econ Dev Bnk
- South Monterey Cnty Jt Un High Sch Dist

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