S&P rates California's $483 mln lease revenue bonds 'A-'
Sept 13 (Reuters) - Standard & Poor's Ratings Services on Friday assigned its 'A-' long-term rating to California State Public Works Board's estimated $483 million series 2013 F, G, and H lease revenue bonds.
The ratings reflect the state's general creditworthiness, as California's general obligation bonds have a single-A rating with a stable outlook, S&P said. S&P also affirmed its 'A-' rating on $9.5 billion of the board's other bonds.
The bonds are being issued for the California Department of Corrections and Rehabilitation, and the Trustees of the California State University for various projects. The bonds are backed by the state of California.
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