California

During a board meeting Wednesday, the University of California's new president proposed a tuition freeze for the next academic year in order to keep costs affordable.

Standard & Poor's raised its rating to AAA from AA-plus with a stable outlook on Mesa Water District, Calif.'s subordinate-lien series 2010 revenue certificates of participation.

Desert Hot Springs, Calif. officials avoided steps that would lead to its second Chapter 9 bankruptcy during a special meeting, but the city hasn't resolved its fiscal crisis yet.

The California State Public Works Board is leading the new issue calendar this week with a $625 million sale of lease revenue bonds scheduled for Thursday.

The California Public Employees' Retirement System wants to skip steps in its appeal of the order granting San Bernardino, Calif., the eligibility to be in Chapter 9 bankruptcy.

Stockton's vote to approve raising the sales tax is a credit positive for the city and for its bond insurers as it increases the likelihood that the bankruptcy exit plan will be approved, according to Moody's Investors Service.

Fitch Ratings downgraded Fresno, Calif.'s subordinate lien water revenue bonds to A-plus based on weakening finances.

The bankrupt city of Stockton, Calif., is planning to sell $55 million of water revenue bonds next week to convert its outstanding variable rate bonds to fixed-rate.

Moody's Investors Service downgraded the issuer rating for Torrance Memorial Medical Center to A3 even as the Southern California hospital looked to complete construction on its new patient tower six months early.

Recent Bay Area Rapid Transit strikes highlighted credit risks for local governments in that region, according to Fitch Ratings.

Los Angeles Unified School District may slow its proposed bond-financed $1 billion roll-out of iPads to every student following missteps in the program's first phase.

Texas voters approved a $2 billion water bond program Tuesday in the largest of many bond related issues voters decided in the off-year.

Stockton residents voted to approve a sales tax increase that will help the city fund its plan to exit Chapter 9 bankruptcy.

California is set to sell $300 million of floating rate general obligation bonds this week to finance various air safety and transportation projects.

If approved, Stockton’s plan to exit bankruptcy identifies negotiation strategies, legal ambiguities, and potential consequences for future municipal bankruptcies, according to Fitch Ratings.

A U.S. Department of Education's warning that California school testing legislation violates federal law is a credit negative for the state's school districts, according to Moody's Investors Service.

The California Public Employees' Retirement System lost its appeal of San Bernardino's bankruptcy, and filed an amicus brief in a separate case about the city's former redevelopment successor agency.

California's plan to reduce greenhouse gas emissions will likely be management for state public power agencies, according to Fitch Ratings.

San Francisco's triple-A rated Bay Area Transit System is planning to sell $240 million of bonds next week to finance earthquake safety improvements throughout its facilities.

Moody's left most California redevelopment bonds at junk after a review, unpersuaded by state government assurances that tax allocation bond debt service payments take precedence.