After digesting a revised $5.23 billion of new issues last week - highlighted by the mostly oversubscribed $1.54 billion Wisconsin state appropriation financing - California this week will leave an even larger footprint in the primary with its planned $4 billion sale of general obligation bonds as volume soars to an estimated $9.25 billion, according to Thomson Reuters.

The Golden State issue will be the largest to hit the market since 2007, when Ohio's Buckeye Tobacco Settlement Financing Authority sold $5.53 billion. California officials believe the deal will be successful despite receiving dual, one-notch downgrades Thursday from Moody's Investors Service and Fitch Ratings to A2 and A, respectively, on the heels of a downgrade from Standard & Poor's to A last month.

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