California's ERB Refunding Series 2009A&B Revised To 'A+'; Other ERB Ratings Raised - 2009/10/30 - S&P Credit Research

Report title: California's ERB Refunding Series 2009A&B Revised To 'A+'; Other ERB Ratings Raised

from S&P Credit Research
865 word report published Oct 30, 2009

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SAN FRANCISCO (Standard&Poor's) Oct. 30, 2009--Standard&Poor's Ratings Services revised to 'A+' its preliminary 'A+' long-term rating on the State of California's economic recovery bonds (ERB) refunding series 2009A and 2009B. At the same time, we raised to 'A+' the existing ratings and underlying ratings (SPUR) on California's $8.1 billion ERBs, which had been rated 'A' and were on CreditWatch with positive implications. Finally, we raised to 'A-1+' from 'A-1' the short-term ratings on the $450 million variable-rate ERBs (series 2004C-1, 2004C-3, and 2004C-4), which were also on CreditWatch with positive implications. We assigned the preliminary ratings and placed them on CreditWatch on Oct. 20, 2009, pending the state's sale of its economic recovery bonds. We understand

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RESEARCH Ratings Definitions California's ERB Refunding Series 2009A&B Revised To 'A+'; Other ERB Ratings Raised Publication date: 30-Oct-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco (1) 415-371-5042; gabriel_petek@standardandpoors.com...

Report Type:

Ratings Action

Issuer:

California

Sector:

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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