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Article: Fitch Confirms State of California CP at 'F1+'.
- Article from:
- Investment Weekly News
- Article date:
- August 1, 2009
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Fitch Ratings confirms the 'F1+' rating currently assigned to the $2 billion State of California (the State) general obligation commercial paper notes (the notes).
The rating confirmation is in connection with the substitution of an irrevocable letter of credit (LOC) pursuant to the current Master Standby Note Purchase Agreement (MSNPA). The MSNPA provides the State with the option to convert to a LOC, which the State is now exercising. The LOC, like the MSNPA, is severally provided by: Royal Bank of Canada; Dexia Credit Local; Wells Fargo Bank, National Association; California Public Employees' Retirement System; Calyon; California State Teachers' Retirement ...