California Infra And Econ Dev Bank Sch Aid Intercept Program Bond Rating Corrected And Lowered To 'A'; Outlook Negative - 2009/11/02 - S&P Credit Research

Report title: California Infra And Econ Dev Bank Sch Aid Intercept Program Bond Rating Corrected And Lowered To 'A'; Outlook Negative

from S&P Credit Research
945 word report published Nov 02, 2009

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Abstract:

SAN FRANCISCO (Standard&Poor's) Nov. 2, 2009--Standard&Poor's Ratings Services corrected and lowered its rating on three bonds issued under the California Infrastructure and Economic Development Bank School Aid Intercept Program to 'A/Negative' from 'A+/CreditWatch Negative.' According to our criteria, state credit enhancement programs of this type should move in conjunction with the state general obligation (GO) bond rating (see "Related Research"). However, we lowered the state rating to 'A/Stable' from 'A+/CreditWatch Negative' on Feb. 2, 2009, and assigned a negative outlook to the state on Aug. 18, 2009, but inadvertently did not contemporaneously lower the ratings or change the outlook on the three bonds issued under the California Infrastructure and Economic Development Bank School Aid Intercept Program.

Brief Excerpt:

RESEARCH Ratings Definitions California Infra And Econ Dev Bank Sch Aid Intercept Program Bond Rating Corrected And Lowered To 'A'; Outlook Negative Publication date: 02-Nov-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco...

Report Type:

Ratings Action

Issuer:

California

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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