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California (State of) - Moody's Research Report

MOODY'S REVISES LETTER OF CREDIT-BACKED RATINGS FOR STATE OF CALIFORNIA GENERAL OBLIGATION BONDS, SERIES 2005A1-1, A1-2, A2-1, A2-2, A3, B1, B2, B3, B4, B5, B6 & B7

Posted on: November 12, 2010, 12:31 pm

NEW YORK, Nov 12, 2010 -- Moody's has revised the letter of credit-backed ratings on Series 2005A1-1, A1-2, A2-1, A2-2, A3, B1, B2, B3, B4, B5, B6 & B7 bonds ("the bonds"). The ratings actions are in connection with the substitution of the current letters of credit with new letters of credit ("LOC") provided by Royal Bank of Canada (for Series A1-1, Series A1-2 and Series A2-2), Barclays Bank plc (for Series A2-1, Series B3 & Series B5), Bank of America, N.A. (for Series A3 and Series B1) , JPMorgan Chase Bank, N.A. (for Series B2, Series B4 & Series B7), and KBC Bank N.V. (for Series B6). The series previously designated as A1 and A2 have been redesignated and divided into Series A1-1, A1-2, A2-1, and A2-2...

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