Following its outlook revision on the state’s general credit rating, Standard & Poor’s on Monday revised the long-term rating outlook on its issuer credit rating of the California State Teachers Retirement System to stable from positive. The agency also affirmed CalSTRS’ AA-plus long-term issuer credit rating and A-1-plus short-term issuer credit rating.Standard & Poor’s on Nov. 20 revised its outlook to stable from positive on its A-plus rating for California general obligation bonds.“Although CalSTRS is a multiple-employer system, the state of California’s general credit is viewed as a proxy for the underlying credit of the school district sponsors of the fund, since the state provides substantial funding resources to school districts for educational expenses and teachers’ salaries,” the rating agency said in a news release.CalSTRS has offered credit enhancement to municipal debt issuers since 1994.According to Standard & Poor’s, CalSTRS’ long-term issuer credit rating is based on the creditworthiness of the system’s sponsors — including the state government — good independence, very strong fund management, and solid financial operations. The A-1-plus short-term issuer credit rating is based on the system’s general creditworthiness, in addition to very strong liquidity sufficient to support CalSTR’s credit enhancement program.
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The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.
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LSEG Lipper reported fund inflows of $447 million while high-yield muni bond funds saw another round of inflows at $246 million, marking the 12th consecutive week of positive flows in that space.
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Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.
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D.C. promises $515 million in improvements to its existing downtown arena.
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A bond-financed purchase of the Stanley Hotel in Estes Park, Colorado, which served as an inspiration for Stephen King's The Shining, is being pursued by the Colorado Educational and Cultural Facilities Authority.
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In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.
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