| Abstract: | Standard&Poor's Ratings Services affirmed its 'A-1+' short-term issuer credit rating on California Public Employees' Retirement System (CalPERS). We base the rating on CalPERS on what we believe to be the very strong short-term liquidity of the system, the general creditworthiness of its employer-contributors, which include the state of California ('A' general obligation [GO] rating, negative outlook) and local California governments, management independence, and good financial operations, despite what we see as substantial market losses in the overall value of its assets in fiscal 2009. In our view, CalPERS' general creditworthiness is broadly linked to California's, since the state is the single-largest employer member of CalPERS, provides substantial operational funding resources to other participating employers, and, through the legislature,
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