July 18 California's annual revenue anticipation note sale on Aug. 15 will be "billions" smaller than last year's $10 billion offering, state Treasurer Bill Lockyer told Reuters on Thursday.
The exact amount of the sale had not yet been determined, he said. In January, Governor Jerry Brown's office estimated that the state would need to sell about $7 billion of RANs. The number should be updated within the next week in consultation with Lockyer, a spokesman for the State Department of Finance said.
Last year's notes garnered an SP1-plus rating from Standard & Poor's Ratings Service, its highest short-term rating. Fitch rated the notes F1.